Don’t be afraid to talk about cutting back on holiday gifts, says credit expert

It’s easy to lose control with holiday shopping.

Credit Canada CEO Laurie Campbell’s advice: Comparison shop, talk about spending limits and, if you need to cut back, don’t worry about letting people know.

“So many people feel they have to outdo each other. A lot of individuals are in trouble. They’re struggling financially. There’s a lot of pressure around this time of year,” Campbell said during the Greg Morgan Morning Show on Monday.

“I truly believe when you do have that open conversation, people are relieved. They feel the same.”

For those trying to control their spending, Campbell suggests a gift exchange instead of shopping for a long list.

Also, don’t forget about what the holidays are really about. Campbell said people don’t usually remember their gifts they receive. Instead, it’s time spent with loved ones that’s memorable – and more valuable.

“You can never get time back so it’s probably one of the best gifts you can actually give somebody,” she said.

Time as a present could come in the form of shovelling snow for a neighbour or offering to babysit so somebody else gets a night out, Campbell said.

Another piece of advice was to shop within your limit.

“Stay out of the mall. When you’re done, you’re done. You don’t need that extra present for Aunt Mary,” Campbell said.

“Remember to gather all your expenses. It’s not just gifts. It’s decorations, it’s the extra food, maybe the holiday outfit, the party that you need to go to. Factor in all those things.”