TORONTO, Dec. 1, 2014 /CNW/ - To help with holiday season budgeting, the Chartered Professional Accountants of Ontario (CPA Ontario) released a collection of spending and saving tips today speaking to wise spending during the holiday season so people can ring in the new year debt free. Its offerings include supporting editorial pieces and social media engagement that address managing holiday debt and learning how to get from under it.
CPA Ontario will post tips through its social media outlets each business day during December 2014 as yearend approaches, placing emphasis on starting the new year off right by planning to put money aside each month to pay down debt and rebuild savings.
"People can go crazy during the holidays, throwing caution to the wind and spending like it's going out of style, says Kody Wilson, CPA, CA, Tax Advisory and Business Valuation Services at Ginsberg Gluzman Fage & Levitz, LLP in Ottawa. "When we shop for ourselves we look for bargains and compare prices; yet during the holidays, people just go in and pay for an item to get it over with and off the list. That's a bad strategy."
Tips – The enclosed tip sheet highlights factors to keeping a keen financial perspective on personal spending during the holidays in order to avoid the stress of debt in the coming months, covering:
- Making a list and check it twice – paring it down to purchase the gifts you need.
- Planning what is needed ahead of time so you're ready to pay for it.
- Keeping spending realistic, understanding what you can and cannot afford.
- Setting saving aside for holiday spending.
- Checking prices to take advantage of online sales.
- Making baked and handmade gifts.
- Hosting personalized dinners vs. the big expense of restaurant spending during the holidays.
- Purchasing gifts over time vs. last-minute shopping.
- Giving the gift of time and spending more of it with the people you love.
- Making a debt payment plan and sticking with it.
- Paying off holiday credit card debt, starting with the ones with the highest interest rate.
- Cutting costs to help pay down debt as soon as possible.
- Paying debt on time so as not to impact your credit rating.
Another important aspect of managing debt is to know when to seek professional help. CPAs can help manage your finances, develop a debt management plan, assist you with RRSPs and other investments, or provide bankruptcy-related advice and services.
The takeaway – Manage your debt over the holiday season, spend wisely, share the holidays with friends and family, and be sure that there is money left in your pocket come January 1, 2015 to rebuild savings and maybe help others in need.
Remember: "The most precious gift is the gift of time, so instead of buying every trendy gift, consider spending more time with the people you love. You don't have to spend a lot to give something valuable," says Denise Wright-Ianni, CPA, CGA, a sole proprietor with offices in Toronto and London.
Looking for a subject matter expert? Chartered Professional Accountants (CPAs) are available to speak to media about spending, savings, investments and debt during the holiday season. CPAs are recognized and respected accounting professionals who are highly valued for their financial expertise, strategic thinking, business insight, management skills and leadership.
About the Chartered Professional Accountants of Ontario
CPA Ontario protects the public interest by ensuring its members meet the highest standards for integrity and expertise. CPA Ontario serves and supports its more than 80,000 members and approximately 20,000 students in their qualification and professional development in a wide range of senior positions in public accounting, business, finance, government, not-for-profits and academe. Certified General Accountants (CGAs), Certified Management Accountants (CMAs) and Chartered Accountants (CAs) are now unified under the Chartered Professional Accountant (CPA) designation. Chartered Professional Accountants are valued by organizations of all types and sizes for their financial expertise, strategic thinking, business insight, management skills and leadership.
For information on the profession, visit cpaontario.ca. To become a CPA in Ontario, visit gocpaontario.ca.
Image with caption: "To help with holiday season budgeting, the Chartered Professional Accountants of Ontario (CPA Ontario) released a collection of spending and saving tips today speaking to wise spending during the holiday season so people can ring in the new year debt free. (CNW Group/The Chartered Professional Accountants of Ontario)". Image available at: http://photos.newswire.ca/images/download/20141201_C7308_PHOTO_EN_8800.jpg
Image with caption: "To help with holiday season budgeting, the Chartered Professional Accountants of Ontario (CPA Ontario) released a collection of spending and saving tips today speaking to wise spending during the holiday season so people can ring in the new year debt free. (CNW Group/The Chartered Professional Accountants of Ontario)". Image available at: http://photos.newswire.ca/images/download/20141201_C7308_PHOTO_EN_8799.jpg
PDF available at: http://stream1.newswire.ca/media/2014/12/01/20141201_C7308_PDF_EN_8785.pdf
SOURCE: The Chartered Professional Accountants of Ontario
Please contact: Perry Jensen, Chartered Professional Accountants of Ontario, 416-969-4271 or 1-800-387-0735, ext. 271, [email protected]; Amy Mulhern, Chartered Professional Accountants of Ontario, 416-322-6520 or 1-800-668-1454 ext. 8311, [email protected]
Share this article