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.
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.
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%)
Read: The price of love