Preventing Money Problems This Christmas

	Preventing Money Problems at Christmas Time - Money Problems Radio Show (Opens in a new window. Optimized for Windows Media Player 6.4 and later versions)
Originally aired on December 10, 2005.

Show Topic:

Financial planning experts agree that the holiday season is the most difficult time of the year to balance your budget. The combination of holiday gifts, parties and turkey dinners makes it very difficult to keep your spending under control.

What's worse, if you spend too much during the holidays, you end up paying for it with huge credit card bills in the new year. What can you do to prevent this from happening? On today's show we discuss how to prevent money problems at Christmas time.

Guests:

Ms. Heather Cudmore. Heather is a credit counsellor with many years experience working to help people deal with their money problems. She is currently the Credit Counselling Director at Catholic Family Counselling in Kitchener, Ontario, a not-for-profit counselling agency.

Show Summary:

People get into financial trouble because, for many, it's an emotional time of year. We try to make up for whatever went wrong during the year by buying lots of presents at Christmas time. We want to please our family and friends, so we don't pay as much attention as we should to our budget.

Fortunately, there are ways to avoid money problems at Christmas. Here are some tips:

	Look at what you spent last year to establish your spending pattern for this year.
	Make a budget.
	Keep track of your Christmas spending so you can be better prepared next year.
	Make a list that includes how much you want to spend and stick to it.

	Draw names instead of buying for everyone.
	Consider personal gifts, rather than monetary gifts, like your time or baking.
	Shop early so you will feel prepared and less likely to impulse buy.
	Participate in free things that will add spirit to your holiday season – like tobogganing or skating at the local outdoor rinks.
	Tour the local parks’ Christmas light exhibits or attend a church carol service.

Question of the Week:

Q. If I already have too many debts, and I know things will only get worse over the holiday season, what can I do?

A. A debt management plan is a great option for dealing with your debts. A non-profit credit counsellor will help you make a plan to deal with your debts.

Here are some great links to help you:

Making a budget isn't hard.

Here are some other practical tips to reduce the amount we spend during the holidays:

	Catholic Family Counselling Centre in Kitchener (Heather Cudmore, Director, Credit Counselling)
	Catholic Family Counselling is an accredited member of: Ontario Association of Credit Counselling Services, Family Service Canada and A member agency of the United Way.
	Contact an expert today for more information
	Follow the link to see a list of local credit counsellors