Avoiding the 12 financial blunders of Christmas

Survey shows generational gap in Canadians’ understanding of debt causes

A cautionary guide to coasting, credit free through the holidays by Bromwich+Smith



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De-stigmatizing debt
Laurie Campbell, Director of Client Financial Wellness at Bromwich+Smith. The Licenced Insolvency Trustees at Bromwich+Smith are passionate about de-stigmatizing debt and helping clients rebuild their worth and thrive. Photo Credit: ANCHOR


TORONTO, November 30, 2021 – With the silly season of Black Friday/Cyber Monday in the rear-view mirror we can all take a collective sigh and let our guards down – just kidding, a new month of shopping exuberance is upon us. With inflation near a 20-year high and Canada experiencing the fastest increase in cost of living since 2003, Licenced Insolvency Trustee, Bromwich+Smith is providing some seasonal, spiritual relief to help guide Canadians to fight the urges and temptations to overspend. 

Holiday blunders are a given, especially considering that Canada has been having muted holidays since the beginning of the pandemic. With product shortages, shipping delays and mounting consumer prices those blunders are likely to be heightened.

Blunders can happen to all of us, especially during the holiday season when everyone is trying to outdo themselves and others (whether through the perfect present, the best Christmas turkey or trying to be a superstar host). With that much pressure, it is hard not to fall short…or fall down. Between all the deals and sales, the thrill of deliveries coming to the door, all the social media attention – it really can create a frenzy for the ages.


With our collective and individual wants and desires and the added FOMO pressure, where is the fun in the festive season?  So, how do we make the holiday season less intense, more enjoyable and within a budget? Is there such a thing as festive frugality? 

Below is a relief-inducing guide to coasting, credit free through the holidays: Avoiding the 12 financial blunders of Christmas, by Bromwich+Smith.


The 12 financial blunders of Christmas: 

  1. Overbuying – It’s a relief to be done with the holiday shopping early, but once you are done stay done. Try to avoid being tempted to get yet another holiday gift for Aunt Millie or your pet. 
  2. Not comparison shopping – Let’s face it, high end stores have high end prices.  Look around, shop outlets for the same gift or wait for a great sale on what you are looking for.   
  3. Keeping up with rich relatives – The Joneses may be able to buy lavish presents for everyone, but this doesn’t mean you have to follow suit. 
  4. Not being creative with your gift decisions – It can be easy to make someone happy. The value of a thoughtful gift is immeasurable. Who doesn’t like homemade cookies?! 
  5. Not making a list and not checking it twice –  We have all done this, we go to the store, get everything we think we need (it’s in our head somewhere) and walk away only to have to make another trip to the store. 
  6. Not knowing what you’re spending – Keep track of credit card purchases to avoid the heart attack when you look at your credit statement. Avoid this by regularly checking your card balance.
  7. Shopping when you are hungry, hangry or tired – Hello?  Food court here I come.  Let’s face it, if you are hungry, you're not thinking straight and impulse buying happens. 
  8. Shopping in uncomfortable clothing – Going to the mall in high heels?  Guess what, halfway through your excursion, you will purchase the most comfortable pair of shoes. 
  9. Late night online shopping – Don’t have buyer’s remorse in the morning.  Research shows that our decision process weakens as the day wears on. Make a list in the morning, and don’t deviate.
  10. Don’t send someone else out to do your gift deeds –If you're sending your husband out to buy your mom’s gift, his impatience may be costly.
  11. Not remembering the total cost of the holidays – Make sure your budget includes all the costs of the season including decorations, extra party food, lights etc. Santa won’t know where to put the presents if you forgot to budget for a tree.
  12. Not getting a few extra (inexpensive) gifts – for those unexpected people. 

“You don’t have to be Scrooge or wear your resting Grinch face to enjoy the upcoming month of holidays,” said Laurie Campbell, director of client financial wellness at Bromwich+Smith. “Ultimately avoiding holiday blunders requires planning, a bit of research, and quality over quantity.” 

If you are struggling financially over the holiday season, a human professional at Bromwich+Smith is here to provide debt relief and help rebuild your worth.

About Bromwich+Smith
At Bromwich+Smith, our dedicated team of Licensed Insolvency Trustees and Debt Relief Specialists are committed to rebuilding our clients’ worth, while helping relieve the overwhelming financial and emotional burden they are experiencing. Beyond our clients’ financial wellbeing, Bromwich+Smith strives to restore the personal wellbeing and self-confidence of every client. Whether it’s through a consumer proposal, bankruptcy, counselling or budgeting, our clients trust us to work with them to find customized solutions to make them whole again. With offices in BC, Alberta, Saskatchewan, Manitoba Ontario and New Brunswick, Bromwich+Smith helps thousands of Canadians rebuild their worth every year.

Bromwich+Smith's Debt Relief Specialists are available for a free, confidential, no-obligation initial consultation by phone at 1-855-884-9243 or via www.bromwichandsmith.com.