Article content continued

Don’t wait until the last minute to tackle your list because you’ll likely end up paying more. Seventy percent of Canadian shoppers reported waiting until the last minute to shop and desperation does not lead to good choices.

Play within your budget and play with cash.Eighteen per cent of Canadian shoppers will use credit cards to pay for gifts, according to RBC. This is fine if you pay off your balance every month; but research has suggested that using your credit card can lead to overspending as it anaesthetizes the pain of spending when compared to using cash. For example, one in six of credit card holders surveyed for Interac Association said they have difficulty controlling how much money they spend when they use their credit cards — a statistic that rises to one in four for cardholders under 35 years of age.

“Use cash. You feel the emotion when you pull out the $20 and $50 bills,” Mr. Elyea says. “The danger is if you spend on your credit card and it gets out of control, you’re going to have problems with your personal finances and problems repaying your debts come January when the statements roll in.”

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or

If you don’t have the cash, cut back or make more.You may want to cut back on expenses (make your own lunches, downgrade your cable package) or curb some of your planned spending (borrow a dress for the company Christmas party or organize a potluck in lieu of making family dinner) to balance your bank account this month.

Consider picking up some extra work. Retailers are expected to hire thousands of seasonal workers over the holidays or sell some of that stuff in the garage on Kijiji or Craigslist.