Share
Managing Your Personal Finances in the Upcoming Holiday Season: A Challenge You Can Overcome
“The economic situation is difficult for many families and consumers. Continuing high interest rates and inflation are putting pressure on many Quebeckers’ wallets. With Black Friday and Cyber Monday sales and the upcoming Holiday season, many can fall into the debt trap. Here are some tips for staying the course.”
– Virginie Comtois, Partner and Licensed Insolvency Trustee
Raymond Chabot
Montréal, November 22, 2023 – Financial problems are hitting an increasing number of consumers and, unfortunately, the Holiday season could aggravate many individuals’ financial situation, to the point of rendering some insolvent. This is why Raymond Chabot, a subsidiary of Raymond Chabot Grant Thornton, specialized in insolvency and financial recovery, would like to reiterate the importance of drafting a budget and sticking to it in order to maintain your financial health.
Staying the financial course during the Holidays
Consumer insolvency is on the rise. According to the latest data, the average increase in Quebec since the start of 2023 is 18.6% compared to the same period in 2022. Even if consumers have not yet reached the insolvency levels of 2019, the growing trend is crystallizing. But is there any way of curbing this upward trend? “Yes, there is, and we can’t stress it enough: the key to our finances is to prepare a budget and to try to stick to it. But when you can’t make any more cuts, and your expenses exceed your income and you’re being hounded by your creditors, it’s often too late to get out on your own,” says Sophie Desautels, Lead Senior Manager and Licensed Insolvency Trustee.
In order to help Quebeckers draw up their budget, Raymond Chabot offers a budget calculator, an easy-to-use tool available on its website. In addition to creating a budget, the calculator can be used in conjunction with the financial health checkup tool, which is also available to consumers.
Reducing your financial stress is key to a smoother holiday season
Once you’ve set up your budget, it’s easier to spend the holidays with peace of mind, knowing that you won’t let your emotions get the better of your reason.
In addition to essential budget planning, Raymond Chabot would like to share a few tips to help consumers enjoy the festive season within their means and avoid over-spending. Among other things, they can consider different gift strategies, reduce food waste and plan their trips. For more information, consult this article. Furthermore, if you’re planning on buying gifts with your credit card, it’s a good idea to put some money aside now so that you can pay off the balance as quickly as possible.
“In this time of rest and celebration, emotions are running high and impulse buying can quickly plunge our finances into the red. In some cases unfortunately, it could be very damaging to finances that are already in a bad way. Budgetary discipline is the way to go, but if a return to sound finances is not on the horizon, you should consult a trustee as soon as possible in order to restore your peace of mind,” says Sophie Desautels.
About Raymond Chabot
For more than 40 years, Raymond Chabot, a subsidiary of Raymond Chabot Grant Thornton, has specialized in insolvency and the financial recovery of individuals and businesses. With a team of more than 200 professionals working in some 100 offices in Québec, New Brunswick and Ontario, it is a leading Québec network of counsellors in financial recovery and licensed insolvency trustees. Raymond Chabot stands out through its expertise and human approach.
About Raymond Chabot Grant Thornton
Raymond Chabot Grant Thornton is a professional services firm dedicated to the success of organizations and their leaders since 1948. The Firm’s advisors are committed to helping clients thrive by obtaining a deep understanding of what is important to them, their business and their industry. This knowledge, combined with a team of motivated and talented professionals help accelerate growth. A Québec and Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, Raymond Chabot Grant Thornton boasts more than 2.800 professionals, including approximately 200 partners, working in over 100 offices across the province of Québec and in the Ottawa and Edmundston regions.
Together with Grant Thornton LLP, another Canadian firm, and the Grant Thornton world organization, our global footprint spans across more than 145 markets with over 68.000 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.
Information:
Gaëlle Fontaine
Advisor, Communications and Public Affairs
Raymond Chabot Grant Thornton
438-349-0842
[email protected]