Did You Spend or Save at Christmas?

Whether you’re a business, a government or an individual the process is the same. We start out with a budget or a plan and then there’s how we perform against plan. And now you can see how you the individual did against plan compared to everyone else in the country.

RBC Royal Bank does a survey a month after Christmas each year, asking Canadians how they managed their gift buying activities. Then, they break it down regionally.

In Saskatchewan, about a third of us went over budget. That’s quite good actually…not the best but far from the worst. The average overspend was $371: again in the middle of the pack.

Many are wrestling with their finances through the pandemic with a large percentage saying they don’t know how much money they are saving as a result of COVID. But Saskatchewan residents who do have a handle on it are the most prudent in the country with 85-percent saying they will pay down debt or put it into savings. That is the highest rate in the country.

Source: http://www.rbc.com/newsroom/news/2021/20210201-post-holiday-spending-poll.html