personal finances | December 23, 2012

David Chilton Offers Holiday Spending Advice on CBC [VIDEO]

Budgeting your spending around the holidays can be a real struggle. David Chilton, a personal finance expert, advises us to spend less—and spend smarter—to help ease some of this season's gift giving stress. And if you have any last minute shopping still to do, the Wealthy Barber author and Dragons' Den host suggests operating on a cash-based budget instead of dipping into credit cards. He says that those who pay in cash physically see the money leaving their wallet and can see that their money is a "finite resource."

"If you just go out and are arbitrarily spending money in whatever amount, and you can mindlessly swipe a credit card or a debit card, it never seems to stop," he says in an interview with CBC. "Any budget you thought you had etched in your head is erased quickly with the ease of purchasing." He says that it is easy to get overwhelmed with post-holiday debts when you work with a buy-now-pay-later mentality instead of sticking with a steadfast budget. He also explains in the interview that he has noticed an increase in the number of people using this practice to do their shopping this year.

Further, Chilton says that spending less on gifts and focusing more on the camaraderie aspect of the holidays is a great way to relieve some of the stress of the season. Instead of competing and feeling like you need to "live up" to someone else's gift, he argues that people who buy less expensive presents tend to enjoy the holidays more than those who go all out and spend a fortune. An advocate for living within one's means, Chilton is a trusted voice when it comes to matters of personal finance. With other twenty years of experience, a best-selling book series, and a role as a host and potential investor to new entrepreneurs, Chilton provides a wealth of knowledge on spending smarter and living more financially healthy lives.

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politics | December 20, 2012