A while ago I learned about a therapy called EFT.  This description really doesn’t do it justice, but it is a process based on the belief that the cause of all negative emotions is a disruption in the body’s energy system.  By tapping with the fingertips on a short series of points on the body corresponding to acupuncture points, you can release the blockage of energy flow cause from the negative emotions.  When the blockage is released the emotions come into balance.

Some of our problems with money stem from deep rooted emotions and beliefs. EFT can help you identify your limiting money beliefs and subconscious self sabotaging patterns. You may find they are not what you think they are! 

As it happens, we have a bona fide EFT practitioner right here in Windsor! She has offered to conduct a session on finances.
If you are arguing with your significant other about money, worrying about paying bills, frustrated over financial issues and wanting to feel more secure this session is for you.

Date:  April 16, 2011
Time: 1:30-3:00 p.m.
Location: 6038 Empress St (Hospice of Windsor-Essex)
Tuition: $25.00
Facilitator: Frances Soda
Register: Call Frances at 519-977-5959
For more information contact fsoda@cogeco.ca.  or see www.tap-eft.net

Hope to see you there!

Hard on the heels of the news release stating that the Federal Task Force on Financial Literacy had released their findings and recommendations came the news headlines that the Average Canadian family’s debt hits 100K.  Timely you say? Absolutely.

According to a report  from the Vanier Institute of the Family, Canadians are indeed more deeply in debt than at any other time in our history. It seems as though despite several warning calls from those who know, we as a nation are heading -eyes wide open-for disaster.

Easy credit and lower interest rates have lured us into leveraging far more of our disposable income than is perhaps prudent or safe. As the report succinctly states “There is too little income, too much spending, too little saving and too much debt.”

What I find interesting, is that accompanying the record levels of debt, is the astounding statistic that we have also seen a jump in average net worth of 60% in the same time period. So as Canadians, we are much wealthier, yet we still carry a boatload of debt. What’s up with that?
Is this something to be concerned about? Only if you are one of the grim statistics.

So, how can you tell if you are in over your head or in dangerous territory?
Okay, you need a few math skills here. There are two stats you need to look at.

One, your total debt service ratio. If your monthly debt payments (including housing costs) are more than 40% of your net income (yes, net income not gross), you are in dangerous territory.  Time to concentrate on lowering that ratio.

Two, your net worth.  Or more specifically, your debt to net worth ratio.
Your net worth is a measure of all your tangible assets.  Check out this handy net worth calculator .  Be sure not to overestimate the market value of your assets.
Next divide your total debt by your net worth. If this number is high, then selling your assets may not cover what you owe. If this number is over 1, you could be in trouble. That means if you sold every asset you had, you would still be in debt.

Don’t be a statistic. If these numbers concern you, or if you need help interpreting what they mean, give us a call. 519-258-2030, in Windsor, 519-542-1130 in Sarnia.
Helping you improve your finances is what we are all about.

Nicole’s Mortgage Strategy.
We are currently in year 2 (ish) of our 5 year term mortgage. Our interest rate is at 5.25%- not great, not horrible. We decided to see what we could do to take advantage of the low mortgage rate at 3.69%.
Our mortgage lender suggested a Blend and Extend Mortgage. Essentially we would be extending our current mortgage for another five years and blending our current interest rate with the new market interest rate making our interest rate now 4.47%, all for a very small fee.
This new interest rate would now lower our mortgage payments. Well, we’ve been managing our current mortgage payments just fine, so rather than take the lower payment  we decided to keep them the same. So, by blending the interest rate  and keeping our mortgage payment the same as they were- we’ve actually save ourselves about 10 years off our mortgage amortization, which now lowers it to 26 years from 36. We get a lower interest rate now and we avoid extending our amortization period. And the best part…  if we stick to the plan we stand to save about $ 66,000.00 in interest charges!
 How cool is that?
Nicole Olsen.

Another way to speed up paying your mortgage off is to adjust the amount of taxes deducted from your paycheque.  Huh?? You say? What does the amount of income tax deducted from your paycheque have to do with your mortgage?
Well, if you are one of those people who enjoy a whopping tax return every year, and your mortgage terms allow it, you can apply that huge tax return as a lump sum payment once per year. However we all know how tempting it is to spend that cash on other things.

You might want to think about giving less to the government up front.  For example:  if my return is $1,200.00 per year, I can instruct my employer to deduct $25.00 less per week off my paycheque. I can then increase my weekly mortgage payments by $25.00.

Here’s an example: On a $100,000.00 mortgage, raising my weekly payments by $25.00, would save me  $27,162.00 in interest charges over the life or my mortgage  which would be reduced by almost 10 years.

I won’t miss the money because I am just redirecting what I would have paid anyway, and instead of a tax return which I might blow on other non- essential things, I have the satisfaction of knowing that I increased my net worth, and made my family a little more secure. All for $25.00 per week.

Remember , small changes over time make a big difference. Who wouldn’t want to keep $27,000 for themselves?

Mike Bergeron

January/February for me is the start of a new financial year. Every year around this time my sweetie and I reflect on our success (&challenges) with last year’s spending plan, and create a new one for the upcoming year. We examine our net worth statement to see how much progress we’ve made on increasing that number.  We receive our T4 slips and complete a preliminary tax return, so we can include the tax refund in our plan for this year.

Each year, when we create our spending plan, we look for an opportunity to accelerate our mortgage.  Every financial expert I know advises that paying off the mortgage as quickly as you can is part of a sound financial strategy.  And, since we are “late bloomers” financially speaking, we need to focus on paying the house off before we retire so we are not carrying a mortgage payment on our pension income.

Our house was purchased in 2003 with a 26% down payment.  We make weekly payments, which helps pay off the mortgage faster. Just by paying weekly, we shortened our 25 year mortgage by 5 years so it would pay out in 2023 instead of 2028.
According to the terms of the mortgage, we are allowed to increase our weekly payments by 25% of the initial mortgage payment every year on or after the anniversary date. That increase goes straight on the principle of the mortgage. So for the past few years, we have been adjusting our spending plan so that we can increase our weekly payments by 25%, which for us works out to just under $40.00. We have had to make adjustments to our lifestyle to manage this. However, after some initial discomfort we really have not missed the money. We adjusted, cutting a bit from each spending category. We were lucky enough to receive small pay raises so some of the discomfort was offset by the raise.

This year, we got out the calculator to see how we will benefit by this strategy.
We based our calculations on our current mortgage interest rate- which is high by today’s standards.

By increasing our payments by 25% we will pay off our mortgage in 2015 instead of 2023.
We will save ourselves $21,633.00 in interest charges and pay off the mortgage almost 8 years early.  For us, that means we can retire mortgage free, which is one of our goals. Talk about motivation!

By combining the ability to make weekly payments with the opportunity to increase our payments by 25%, we hit on a strategy that fulfills our particular needs and circumstances.
This strategy may or may not work for you. It depends on the size of your mortgage, your income, your age etc. Stay tuned for some other strategies that may be more in line with your own particular circumstances, yet with the same goal in mind-a fully paid for mortgage in the least amount of time with the least amount of interest.

Wendy Dupuis

Financial Fitness is pleased to announce that Mike Bergeron has passed the first half of his AFCPE certification. Congratulations Mike. Mike  has earned two of the three  certifcations he needs to become a fully certified OACCS Credit Counsellor. Mike acheived his BIA certification in December, he holds a certificate for completing CTI coach training, and has completed his certification exam in counselling standards from the Association for Financial Counselling and Planning Education.(AFCPE). He is now on the final leg of his certification. 'Atta boy Mike!

This is a particularly challenging time of year for me.  It’s cold outside and sunshine is as rare a commodity as a savings plan.  The holidays are over, the bills are arriving and I just got my T4 slip which means I will have to file my income tax return soon. I feel like staying in my jammies, pulling a blanket around me as I curl up in my big comfy chair and not coming out ‘till spring.

A month ago I had all this energy and enthusiasm for a new year.  I was all set to eat better, get more exercise and explore my spiritual side through meditation.  Yup, I was gonna work on mind, body, spirit balance.

One month later, I can say I have managed to eat fairly healthy, if you don’t count the four bags of bite size chocolate bars that I purchased on a twoferone deal and ate the same way. I have actually managed to get more exercise- five extra hours this month! As for meditation, I did manage to meditate for fifteen whole minutes each day… well maybe not each day… okay once each week if  you add it all up and count the time I was caught daydreaming at a traffic stop. Funny how the horn of the car behind you will snap you right back to the present.

Most people would look at their progress so far and see a decided lack thereof, and throw in the towel. But not me, oh…no. Call me idealistic –it’s the Sagittarius in me- but I am not one to quit. Not at this stage of the game. It’s one of my motto’s, “never give up”.

I prefer to see my progress as just that, progress.  On balance I ate healthier, exercised more and meditated some, which is more than I would have done if I had not bothered at all.
Did I do as much as I intended? No. Could I do better? Absolutely!

I just think that sometimes, I am so busy looking at what I haven’t accomplished, that I fail to realize what I have accomplished. 

I’ve decided to stop beating myself up if I don’t do something perfectly. I am choosing to celebrate even the smallest of achievements and having made that choice, I now feel the motivation to set the bar a little higher for next month.

Of course February only has 28 days……

Wendy Dupuis

So, something truly exciting happened to me on Saturday morning… I had breakfast with the Premier of Ontario! I know I was completely shocked and frankly had a hard time believing it all day.
After our little brunch I decided I needed to go grocery shopping.  Now I have a few rules for myself when I go grocery shopping to help keep me in my budget…
1. I never go with children. They always some how manage to put more things in the cart when I’m not looking.
2. Never go hungry. It’s more like shopping off a menu of what I want to eat rather then what I need to buy.
3. Never shop where I can buy underwear. I don’t know… those one stop shopping places seem to have a minimum spending limit and I can NEVER spend within my limit.
While I was grocery shopping and still reeling from my geeky brush with fame I decided I was going to call all my friends and tell them about it. So I pulled out my Bluetooth and went about my shopping. As I’m going down the isles chattering away (while most people are looking at me like I’m a crazy woman) I’m arbitrarily putting things in my cart. I finally get to the check out and hang-up with my friends mom when the girl starts ringing everything in. When I get the total bill it’s 30% higher then my grocery budget! I was shocked!
Now,  I’ve added one more rule.
I will devote my full attention to my grocery shopping and leave my phone in the car… even for the Premier of Ontario.

Nicole Olsen

I had a conversation with a colleague a few days ago that gave me the inspiration for this post.
We were sharing stories from clients who had been victimized by some rather unscrupulous characters presenting themselves as debt relief specialists before they found us. Our unfortunate clients, who were already dealing with life circumstances that lead to overwhelming debt issues, were bilked into paying thousands of dollars for the so-called debt relief company to act for them.  The outcome resulted not in a partial reduction of debt which had been promised, but in bankruptcy.
Had the clients known, they could have done the same things for themselves at no cost and saved themselves a ton of grief. This is a great example of how a lack of knowledge can end up costing you – big time.

Like every other industry, the financial counselling and debt recovery industry is viewed by some as a lucrative market. It is also largely unregulated which means that anyone can hang up a shingle and call themselves a credit counsellor.   With all the debt relief companies out there vying for business, it’s hard to know who to trust. It pays to be informed.

The Financial Consumer Agency of Canada has a great website that provides objective advice to consumers about how to choose the right product and service for their needs.  It’s a great place to visit to get unbiased information. The tip sheets are easy to read and understand and may help you sift through the confusion when deciding who to trust with your money issues. Check out the tip sheet on Dealing with Credit Counselling Agencies, especially the part on finding a reputable credit counselling agency.
Make sure you understand exactly what you’re getting into before you sign.  It can save you thousands.

Ahhh… New Years resolutions.

I don’t have anything against them, and have been known to make a few every once in a while. I find it easier to stick to my New Year resolutions if I work in a reward for myself. This year my husband has been the one to make a huge New Years resolution and we’ve been able to  take financial advantage of that.

My husband smoked for 15 years on and off. It drives me crazy, but it’s his issue not mine. (I have my own, it starts with “Ch” and ends in “ocolate”). This year, out of the blue he’s decided that he’s going to quit. I was very happy for him and supportive but honestly the first week was awful, then I realized, there’s no real pay off for him.

We decided that with the extra $30 he used to be spending on cigarettes we would now save it for some kind of reward. He’s always wanted to go on vacation and since we have 2 kids, a mortgage and a car payment it’s never quite fit into the budget.  I did a little research and we’ve decided to put that money into a TFSA (Tax Free Savings Account). In a nut-shell this savings vehicle allows us to put money away into savings that can then be invested, providing us with a greater return = MAKE MORE MONEY. Any money we make on the account OR any we pull out is not taxable AND does not count as income. Win, Win. It provides us with something that can make more money than our savings account at the bank, and we don’t have to declare the interest earned as income. It’s fantastic.

So, sometime next year we hope to take out some of his New Years resolution money (tax free of course) and go somewhere hot, with sandy beaches. Now if only I could set aside my chocolate money, we could retire in 5 years!

Financial Fitness is pleased to announce that Randa Roberts  has passed the first half of her AFCPE certification. Congratulations Randa. Randa now has earned two of the three  certifcations she needs to become a fully certified OACCS Credit Counsellor. Randa has acheived her BIA certification, she holds a certificate for completing CTI coach training, and has completed her certification exam in personal finance from the Association for Financial Counselling and Planning Education.(AFCPE). She is now on the final leg of her certification. Way to go Randa!

Have you made finances your priority in 2011? 
Lots of people overspend at Christmas and face the unpleasant task of having to pay off the credit card bills in January.  Some people make resolutions to lower their debt or increase their savings every New Year.
Whatever your situation we have easy tips that can help you with your efforts to get financially fit!

Tip#1 - Create a plan:
Any attention we pay to our finances in January is usually directed to paying off the credit card bills from Christmas. For some of us, that will be all the financial planning we do!
While paying off credit card bills will be high on your priority list, you would be better off taking the time to create an overall plan for your money this year. Too often people focus on paying off last year’s debt but don’t plan to save anything for this year’s expenses.
By creating an overall plan, you can incorporate goals like paying off credit cards into your overall spending and saving strategies while at the same time planning a “debt free” holiday for next year.
Our coaching program has a unique seven step process that will help you create a plan for yourself for a stress free financial year. Call for your free consultation.

Tip # 2- Consolidate to a lower interest product:
If you are carrying debts on several credit cards, and cannot pay the entire balance in January, transfer the debts to an unsecured personal line of credit or a lower interest card. If you have to carry balances, make sure you are paying the lowest interest possible until you can pay it off.

Tip 3#: Pay off any high interest debt:
Make paying off high interest debt a priority. If you are carrying a balance on several credit cards, there are two methods of attack.

 One is to make the minimum payments to all but the one with the smallest balance. Put as  much money as you can toward the smallest debt. Once this is paid off, you can direct the  money you have been paying to the smallest balance and direct it to the card with the next  smallest balance. That way you have the early gratification of seeing your debts being paid off.

 The second is to make the minimum payments to all but the card with the highest interest. Put  all your extra money toward the card charging the highest interest rate. Once this debt has been  paid off, direct what you have been paying to the card with the next highest interest rate. If the  interest rates are the same on two or more cards, choose the card with the highest balance.  While you do not get the immediate gratification of seeing your small debts paid first, this  method ensures you pay the least amount of interest possible on your debt.

Tip #4 - Consult a professional:

Denied Credit? Let’s face it, if a financial institution whose purpose is to make money by lending you money, tells you they will not lend to you, LISTEN to them. Treat that as a warning flag that your finances are in poor shape. Don’t  let your desperation drive you to make a decision that ultimately leaves you worse off than before. Consult with a professional counsellor who can outline the options available to you and help you make an informed decision.

If you find yourself contemplating a loan to pay off your debt, make sure you can get a loan that lowers the interest on the debt you have. If your credit cards are maxed out and you find yourself unable to manage the payments consult an unbiased professional like a financial counsellor, who can give you options about how to manage your debt. Many people get themselves into a worse financial situation by consolidating their debt into a high interest loan. 

Have you ever wondered about why we make New Year’s resolutions or where the tradition began? The date is so arbitrary, why on January 1st, why not on your birthday? Yeah, birthday resolutions would work. As we embrace the prospect of being another year older, we could use the maturity and wisdom we’ve gained over the past year to make changes in our life. Hmmm….that sounds suspiciously like “growing up”.

Perhaps we could invent another holiday, a National “Get Your Act Together” day. A day we could spend in contemplation of our lives so far, at the end of which, we could make resolutions to improve upon the areas we are unhappy about.

The problem with resolutions is that we don’t stick to them. Perhaps it’s because making a resolution is so contrived. We do it because – well, it’s the thing to do on January 1st. Maybe it’s because making a New Year’s resolution implies that there is something that needs fixing in our life; that somehow we have failed at life- or at least some aspect of it- in comparison with what we think we “should” be or do. 

In coaching you learn that the word “should” is the work of your saboteur. I “should” do this or I “should” be more like that… as if you somehow aren’t good enough just the way you are.
What if we thought about the New Year as a new adventure, a promise, a fresh start where anything might happen? Where you are good enough just the way you are? Where you as a whole, creative, resourceful individual can meet any challenges you face and accomplish any goal you set out to achieve?

Make 2011 the year you stop thinking about what you “should” be doing. Start thinking about what it is you truly want for yourself, and be secure in the knowledge that you have everything it takes to accomplish what you want.

If one of the goals you set out to achieve is to improve your financial health, good for you. We will be posting a lot of great tips to help you get your 2011 finances off to a great start!
Hiring a financial coach to help you create a plan would be a great way to kick start your new financial you. Just call or email us for your free consultation.

Countdown to Christmas
Less than one week to go.
Christmas is almost upon us! With less than a week to go, here are some helpful tips to help you “wrap up" the holidays.
All the preparation except for the food should be winding down now.
• Do as Santa does and check your list twice to make sure you have gifts for everyone you intended to buy for.
 Resist the pressure to buy for those who are not on your list or to buy extra for those you have  already purchased gifts for. Remember to stick to your allotted amounts.
• Compare your actual spending amounts with your budget. How well are you doing sticking to your plans?  Check in with your significant other regarding how well you are doing.
• Keep all receipts in an envelope marked “Christmas” until after the gift exchange has been completed.  You can shred them after you have accounted for the expense in your budget, unless there is further reason to keep them for proof of purchase. (warranty etc.)
• Make sure you have enough wrap and packaging, finish wrapping presents.
 Do a little each night if you can. One of our experts wraps them as soon as she gets them home.  
• Your grocery shopping should be done by now except for those last minute perishables you will purchase for the Christmas dinner.  Be sure to leave time in your plans for last minute grocery shopping for perishables.
• If you are hosting meal or party, review your menu so that you have everything you need for the meals you have planned.
• Launder any articles you may need for the celebrations, clothing, linens for the table, fresh bedding for overnight guests.
• Prepare as much food ahead as you can so that you are not rushed and stressed out Christmas Day. One of our experts prepares all but the Turkey and Stuffing the day before.  A special traditional potato dish, sweet potatoes, cranberry sauce, homemade dressing and buns are all prepared Christmas Eve and refrigerated then warmed up Christmas day, once the turkey is finished.
• Remember to delegate anything you can to others. This week can be especially hectic and you can feel enormous pressure, so let others help. It will make them feel good about being able to help while at the same time giving you time to breathe.
• Schedule some time to relax with a loved one.

Financial Fitness congratulates counsellor Mike Bergeron on completing the 100 hours practicum necessary to become a BIA Insolvency Counsellor. Mike successfully passed the examination earlier this year  and has just now  recieved confirmation from the OSB that he has been registered as a BIA Insolvency Counsellor.
Congrats Mike!

Announcement

Wendy Dupuis and Pauline Laforet have achieved Certification as Educators in Personal Finance from the Institute of Financial Literacy and Education's Center for Financial Certifications^TM.

Certified Educators in Personal Finance are trained to effectively communicate with students to teach National Standards in Financial Literacy and Education.
The National Standards for youth K-12 and adults instill in students the basics of sound financial principles.
A Certified Educator in Personal Finance^TM helps students to understand and evaluate the information available regarding finances and determine how to make the best choices for themselves.

Wendy and Pauline are accomplished instructors and have years of experience in personal finance instruction.

They have recently co-authored a series of educational modules based on the National Standards in Financial Education for Adults to be released in the New Year.

3 weeks remaining
Well here we are with a little less than three weeks to go before the big day.
If you are a little behind schedule don’t panic. Our experts advise taking a look at your to do list and identifying the really important stuff that needs doing.  Remember, not everything has to be perfect and it’s not your job to make sure that it is.  Remember to focus on what it is you really want out of the holiday.
Review your budget:  Have a look to see how well you are managing your spending.  Are you on track with the budget you set for yourself? If you have overspent, are there future expenses you can trim? Be sure to update your spouse or partner. If things have gone off the rails, don’t waste time blaming each other. Put your heads together to come up with a strategy for damage control.
Gifts: if you can, finish up your gift shopping this week.  Start wrapping if you haven’t already.
Groceries: Finish shopping for all the non perishable items on your list.
Clothes: Complete any alterations that need to be done to Christmas outfits.
Decorations: Put last minute touches on indoor or outdoor decorations.  Decorate the Christmas tree, unless of course you have a tradition of decorating Christmas Eve.
Baking: Continue to work on any baked goods you may prepare.
Creating memories: Remember to take time to do fun stuff with your loved ones. Attend parties, plays, concerts etc.
Christmas cards and care packages: If you haven’t mailed your Christmas greetings or packages, do it this week to ensure delivery before Christmas.
Check the progress on any tasks you have delegated to others to make sure they are on track. 

December is most definitely one of those times of the year when you really realize just how challenging money planning actually is!!

For me, and I know I am not alone; the last three months of the year are the most costly.  It seems that all I have done is dish out money!  It started with preparing my 7 year old van for winter (a good habit to get into) and ends with covering all the Christmas- related costs and festivities that we all expect. 

There were expenses I knew I would have to pay, like the oil change, the coolant and radiator flush and putting the snow tires on. Then there were the expenses I didn’t bank on like the snow tire that had to be replaced because it had a giant hole in it.     Cha –Ching!

Not to mention, the regular household expenses that never ever go away!!   In fact we are entering into the winter season where these costs are at the highest they will be all year!
Adding insult to injury is that these expenses have increased compared to this time last year.  You know, the increases we‘ve all heard about but somehow hoped wouldn’t be reflected on OUR bills.

And why is it that the time frames between billing periods seem to come so fast yet pay days DON’T ?   Doesn’t make sense, or does it?

Without planning ahead and forecasting for these periodic expenses these situations can be downright STRESSFUL.  Without a doubt!   This is exactly what we teach. 

So why is it such a challenge for me? 
I have planned all year. I do my best to practice what I teach; to not spend everything I earn, to set money aside for what I know is going to crop up at some point each year, to have an emergency fund. 

Well I pondered this question and have come up with an answer:
Everyone has a different personality with their money and even though I plan for these situations – I don’t like to part with the money.  I still have this secret hope that possibly the van costs won’t be so high or that when I open that cable or hydro bill it will somehow be lower than expected, because I’ve looked after my van with regular check up’s & preventative maintenance, I’ve turned down the heat when I’m not home and made sure I turned un-used lights off. 
The kids have been nagged and nagged – to the point where they are now turning off the lights and not wandering around the house in the middle of winter with shorts & t –shirts on.    
But guess what?  The bill is exactly as I feared it would be – & I do need to part with the money.  That is if I want a van to drive, a TV to watch, in a heated home, with the lights on.

So, as I pay my December expenses….   expenses   I have known  are coming for the last eleven months -  I will practice a refreshed attitude, one where I realize I have  planned  – and the reason I’ve planned is because of the reality of my financial life. 

What is your reality?

Joanna Marks.
        

Countdown to Christmas: 4 weeks to go.
Our experts have put together a check list to help you organize your finances and devise strategies to help you stay on target with your Christmas budget. Studies show that being organized and planning ahead will help curb emotional shopping.
We will be posting a checklist every week to help you manage through the holidays.
4 weeks to go:
Relax and focus on what’s important. Don’t try to be a Christmas Magician. You are not responsible for other people’s happiness.

Gifts: Begin shopping for gifts using your list. Be sure to stick to the limits you set for everyone and stay on track with your budget.
Shop for new outfits for the events you will be attending. Check to make sure kid’s outfits still fit. You don’t need any last minute surprises. Last minute spending can wreak havoc with your plans.
Tip: With occasions becoming more and more informal, forego the fancy party duds for something that you and the kids can wear later. Choose basic pieces that you can mix and match with some sparkly accessories for a dressy look. Look at your wardrobe for basic pieces that can be dressed up.

Communicate:  If you are in a partnership, setting a budget and a spending limit goes a long way to soothing any worries your spouse or you may have about overspending. Be sure to keep updating each other regularly on the financials. Keeping secrets about spending can cause a lot of unnecessary stress and conflict around the holidays. Be open and stick to any agreements the two of you have made.

Prepare your menus for any functions you will be hosting, review your recipes and make a list of what you will need.

Groceries: It’s a good idea to spread the grocery shopping over a few weeks so you can avoid having a huge bill the week before Christmas. Begin by purchasing the non perishable goods you will need for baking and dinner parties.

Decorating: Start decorating the house inside and out. Go through your decorations from last year and see what will need to be updated or replaced. Make a list of what you will need to replace and be sure stay within your spending limits for décor.  Have a swap meet with your friends & family for decorations. 
Tip: Shop the after Christmas sales for bargains on replacement decorations.

Household chores: Relax.  Don’t worry so much about having an über clean environment. Too many people stress themselves out by doing heavy housework this time of year.  Don’t bother.   Spot clean the heavily soiled areas and then just give the public rooms a good sprucing up. De-clutter by all means but don’t bother with cleaning carpets or walls.  If you are hosting any kind of gathering where there are kids or food – food will get spilled, mud will be tracked in, greasy little fingerprints will abound. Your newly cleaned carpets, walls and furniture will need cleaning again after they leave.  If you are not hosting a gathering, then who cares? Clean after the holidays, when you have more time. As for painting or other extreme measures: fuggetaboutit!

Baked goods: if you are into baking for the holidays begin now. Most cookies freeze beautifully, with no one the wiser. You can save tons of time by baking ahead.

Christmas Greetings and care packages: If you are one of the few who still send Christmas cards, it’s time to make your list, buy or make the cards and get them in the mail. The same is true for any care packages you want to send to family or friends far away.

Make time for friends and family: Check your community calendar for events that you can attend.  Plan some non - shopping time with your family. If you still like a real tree, plan your family expedition to cut or choose your tree.  Try outdoor skating at a local rink, or a walk along a trail, park or conservation area.  Volunteer with your family at any one of the many charitable toy or food drives or food banks in the city.  There are several light displays set up or just go on a tour of your neighbourhood to view all the Christmas lights. You want your kids to remember having fun together, not how stressed out and frazzled you were every holiday.

Delegate. Don’t be a martyr. Make a honey do list and delegate chores and tasks to those members of your family who can help out. Remember to relax your standards and expectations.  People may not attach the same importance to getting things perfect as you do. Someone who is impossible to please is unlikely to get help.

When you feel overwhelmed make "thankfulness list".There are lots of things we can be thankful for. What are some things you are grateful for this season? 

Our experts have put together a check list to help you organize your finances and  devise strategies to help you stay on target with your Christmas budget. Studies show that being organized and planning ahead will help curb emotional shopping.
We will be posting a checklist every week to help you manage through the holidays.

5 weeks before:

 Calculate how much money you have available for holiday spending. (Ideally, you have been putting money aside through regular weekly transfers or perhaps a Canada Savings Bond.)
 If you have no money saved, determine an amount that you feel comfortable putting on your line of credit or credit cards.  Make sure that this amount can be realistically paid off within a few months of the holidays.
 Using the calculation above, create your Christmas budget.  Remember to include all the things you spend money on over the holidays. Be as specific as possible. Include a column for actual expenses so you can see how close to your budget you are. If you  have receipts from last Christmas use them to guide your decision making process. They will provide useful information on which to base your spending plan. Of course if your circumstances have changed, so too should your plan.
 
Your budget might look something like this: 

Groceries                     400.00  
Liquor                         400.00  
Presents                      400.00  
Clothes                        400.00  
Home décor inside/out   200.00  
Travel                          150.00  
Total:                        1,950.00  

 Make a list of those people you will buy gifts for. Using the amount you have set aside for gifts in your budget, determine how much you spend for each person on your list.
 Start making your grocery lists for the extra items you purchase for entertaining and baking.
 Do the same thing for the other categories in your budget.
 Start watching for sales on items that you want to purchase for Christmas.