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Budgeting for the Holidays

The holiday can be an expensive time of year, which is why it is very important to keep a budget and stick with it! Here are some guidelines that will help make budgeting for the holidays this year a little easier. 

First,
determine how much you can afford. Review your finances and identify how much money you can comfortably set aside and earmark this as your holiday budget.
 
Second, consider what holiday items you need to purchase and set a limit for each of the categories (example – gifts, holiday decorative items, food for gatherings, travel). Each of the category limits should add up to your earmarked holiday budget.
 
Third, track spending against each of your identified category limits. 
 
And finally, if you come in over budget in one category, relook at others to make adjustments. This will help you stay on track with your overall holiday budget. 

 
 

Jamie Golombek, CIBC Personal Finance Expert

Jamie Golombek appears regularly as a personal financial expert on The Marilyn Denis Show, providing advice on financial topics ranging from how to save for children’s education, to getting your budget in order, to helping homeowners choose the best financing option for their new home.
 
As a CIBC Personal Finance Expert and Managing Director, Tax & Estate Planning at CIBC Private Wealth Management, Jamie works closely with advisors from across CIBC to help clients meet their financial needs with comprehensive advice and solutions.

With nearly 20 years of experience specializing in tax planning for both individuals and small businesses, Jamie is frequently quoted as an expert in the national media. He writes a weekly column, “Tax Expert”, in the National Post which is syndicated across Canada in various Postmedia newspapers and has appeared as a guest on CBC’s Newsworld and The National.

Jamie received his B.Comm. from McGill University, earned his Chartered Accountant designation in Ontario and qualified as a U.S. Certified Public Accountant in Illinois. He has also obtained his Certified Financial Planning (CFP) and Chartered Life Underwriting (CLU) designations.

He also teaches an MBA course in personal finance at the Schulich School of Business at York University in Toronto.

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