Help clients reduce holiday stress

More than half of Canadians (57%) say they’ll overspend over the holidays, finds a new TD Canada Trust survey.

They say they’ll pay the most for gifts (71%) and entertainment (52%), adds the study. But you can help your clients pare back on expenses by guiding them while they create a budget, says Raymond Chun, senior vice president of TD Canada Trust.

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Encourage them to look for sales and shop early. Also let them know more than half of shoppers (64%) find the best prices by researching online before heading to the mall.

Along with a budget, people need to keep an organized schedule, says Eileen Chadnick, founder of Big Cheese Coaching. People should “take a look at upcoming work and personal commitments [so they can] prioritize. It’s important to take time to sleep and exercise so [they] feel energized [since]…impulse control is compromised” when people are stressed.

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That can “lead to poor decision-making and indulgences we may later regret,” she adds.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.