Show #16 - Holiday Season Tip Show with Dr. Lee Anne Davies, Gail Vaz-Oxlade, and Heather Cudmore
In today's podcast three of our most popular guests return with some timely advice for the holiday season.
Dr. Lee Anne Davies, co-author of When Life Bites You in the Wallet, discusses how having debt impacts our sense of financial well being. Interestingly, mortgage debt makes us feel good, because there's a house attached to it. Not surprisingly unsecured debt, like credit card debt, causes us stress. Dr. Davies' tip:
Reduce the credit limit on your credit card.
That's good advice, because the lower the limit, the less you will be tempted to spend over the holiday season.
Gail Vaz-Oxlade has a tip that's valuable all year:
Quit complaining, or fire your bank.
It's a Canadian past-time to complain about bank fees, so Gail offers a simple solution: go to your bank and ask for a better deal. If you don't get what you want, shop around. You need to understand what services you use, and find a bank that will give you the best service for your unique situation. When you find a better bank, fire your old one!
In our final segment, credit counsellor Heather Cudmore discusses the true meaning of Christmas, and the holiday season. Here's a hint: it's not about spending money. As Heather says:
Make memories out of Christmas.
That's great advice. Instead of focusing on how many gifts you can buy, and how much money you can spend, focus on making memories, which often have no cost.
When Heather meets with clients she asks them "what are your best memories of Christmas?" In most cases they’ll talk about decorating a tree, going out and looking at lights, going skating, going tobogganing. Those activities are virtually free! Everybody puts so much pressure on themselves to spend money at Christmas, but your best memories are probably the activities that you have shared with family and friends.
Resources Mentioned in the Show
- Dr. Lee Anne Davies, co-author of When Life Bites You in the Wallet
- Gail's Website
- Gail's free money management program mymoneymychoices.com
- Mosaic Counselling and Family Services, a program of Carizon Family and Community Services
Click here for a full transcript of Show #16 - Holiday Season Tip Show with Dr. Lee Anne Davies, Gail Vaz-Oxlade, and Heather Cudmore.