The majority of Canadians (65%) didn’t overspend this past holiday season, keeping debt down while celebrating with family and friends, according to an RBC poll.

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Their motivations to control spending:

  • Not wanting to go into or increase their debt (35%);
  • Being diligent about tracking their spending by making a budget and sticking to it (34%);
  • Knowing how much they had to spend and once the money was gone, “that was it” (24%).

Cash/debit was the most popular choice of payment for 69% of shoppers. Forty-seven percent of Canadians used credit cards for their holiday purchases.

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The 35% who did overspend are planning to take action to get their finances back on track, including:

  • Dialing back their entertainment expenses (39%);
  • Reducing day to day expenses, such as groceries, phone and cable (37%);
  • Using their credit cards less (30%);
  • Cutting back on lunch and coffee money (30%)

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