Ontarians intend to keep holiday spending in check this season: RBC
TORONTO, Nov. 15, 2012, 2012 (Menafn - Canada NewsWire via COMTEX) --Plan to spend about the same as last year on the holidays - 1,204
Most Ontarians (80 per cent) plan to give gifts to others this holiday season and, overall, intend to spend 1,204 on the holidays -including gifts, decorations, entertaining and travel - about the same as the national average (1,182).
This year, Ontarians expect to spend, on average, 643 on gifts, only 20 less than last year's 663. They also intend to spend about the same on other holiday items, such as decorations, clothing, food and drink, travel and entertainment - an average of 561 compared to 572 last year.
"Having a holiday budget and sticking to it is a great way to ensure that you don't go overboard with your purchases," said Chris McEachern, Financial Planning Role Strategist, RBC Financial Planning. "Also, knowing how you will cover the costs is important to ensuring you avoid those unwanted bills when the new year begins."
Fifty-two per cent of Ontarians expect to fund their holiday expenses with savings, while 24 per cent plan to use credit cards and almost the same amount (26 per cent) say they have not thought about how they will pay for the holiday season.
RBC offers the following tips and secure payment options for holiday spending to help ensure that you stick to your holiday budget while enjoying the spirit of the season:
--Take control by preparing a budget - A budget will help you
live within your means, during the holidays and throughout the
rest of the year, and avoid unnecessary debt. A
can help you put a plan with a budget in place or online
budgeting and savings resources available on websites such as
can be of great assistance to help keep holiday spending plans
is another online customizable financial management tool that
will help keep tabs on your monthly spending so you know
exactly where your money is going and how to budget properly.
--Use cash and credit wisely - If you plan on using savings for
your holiday costs, make your credit card work for you by using
it for purchases and then immediately pay off the balance. Many
rely on their credit cards for larger purchases but may not use
it for everyday shopping instead of using cash. Holiday
spending on groceries, gas, restaurants and clothing can add up
quickly, but using your card can help you keep track of your
expenses and also earn rewards more quickly while taking
advantage of a temporary interest-free loan on purchases.
--Shop online with confidence - E-commerce sites are a great way
to avoid crowds at the mall. Use the
RBC Virtual Visa Debit
for shopping online with funds coming directly from your bank
account. This is a simple and secure way to make purchases that
will be processed over Visa's network, providing the protection
of Visa's multiple layers of security including: Visa's Zero
Liability Policy, Verified by Visa, E-Promise, AVS (Address
Verification Service) and CVV2 (the three-digit code).
--Have someone that's "hard to buy for"? - More secure than cash,
RBC Visa Gift Cards
can be used anywhere around the world where Visa cards are
accepted, including online, giving friends and family more
options than traditional store gift cards. RBC Visa Gift Cards
are available at all RBC branches.
--Get peace of mind with purchase protection and extended
warranty - Take advantage of these insurance features on gifts
(e.g. electronics) that
RBC credit cards
offer. Need help finding the right card? Visit the
RBC Advice Centre.
About RBC savings and other financial advice and interactive tools
Canadians can access RBC Financial Planning and www.rbc.com/savingsspot for free planning, budgeting and savings advice and resources, or to find an Investment and Retirement Planner near you. In addition, all personal RBC online banking clients can use myFinanceTracker, a no-cost interactive financial management tool, to create and track their budget, savings goals and spending habits. Whether Canadians want to get more from their day-to-day banking, protect what's important, save and invest, borrow with confidence or take care of their businesses, the RBC Advice Centre can help answer their questions. Interactive tools and calculators provide customized information covering many facets of personal finance. In addition, online advice videos are updated regularly to reflect current trends and to answer the questions that are top of mind with Canadians. With the guidance of RBC advisors who are available to chat live, Canadians have access to free, no-obligation professional advice about RBC products and services and personalized one-on-one service at www.rbcadvicecentre.com.
About The RBC Canadian Consumer Outlook Index
The survey is conducted online via Ipsos Reid's national I-Say Consumer Panel to 3,375 Canadians (including 735 Ontarians). Weightingwas thenemployed to balance demographics and ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. Data collection was October 1 to 10, 2012. The precision of Ipsos Reid polls are calculated using a credibility interval. In this case, the poll is accurate to within /- 1.9 percentage points of the entire Canadian population.
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SOURCE: RBC Royal Bank
Media contacts: Kate Yurincich, RBC, (416) 974-1031 Suzanne Willers, RBC, (416)
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