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Are you gifting too much this holiday season?

In the spirit of giving, is there a such thing as gifting too much? Most holiday spenders do not set or stick to a budget. The holiday season can be hectic and financial concerns can make it even more stressful. At this time of year, some feel obligated to spend more than they can afford. A 2018 Manulife Bank Holiday Debt Survey revealed that over half of those with a budget thought they would overspend during the holiday season. A 2019 survey by Manulife indicated that 94% of Canadians feel they are carrying too much debt.

Are you are feeling anxious about holiday spending or personal debt?

Are you gifting too much this Christmas?

Do you have a plan for debt elimination?

When most people think about retirement planning, they think of building a retirement nest-egg through RRSPs and pension plans. While these are key pieces of the puzzle, it’s important not to forget about another important element of retirement planning – debt elimination. After all, the less you spend on interest payments, the more you can allocate to your retirement savings.

A debt-elimination plan doesn’t have to be complicated. But you should have one or you’ll likely be in debt longer than you must. There are a few simple strategies for getting out of debt sooner, such as:

* Building extra debt payments into your budget. * Consolidating all your debts at the lowest rate possible. * Using your income and savings to automatically reduce your debt (without giving up access to that money).

When you’re planning for retirement, don’t forget about the impact that your debt has on those plans. With a strategy for becoming debt-free sooner, you may even be able to retire earlier than expected. I’d be happy to help you develop a debt-elimination strategy that complements your overall retirement savings strategy.

As an Investment Advisor, I am committed to helping my clients find effective ways to manage debt and reduce money stress allowing them to reach their financial goals sooner.

Give me a call if you’d like to discuss how you can be debt-free sooner.

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