'Way more expensive this year': Canadians feeling post-Christmas, Boxing Day spending squeeze

Holiday rush slowing, spending stress growing Many Canadians are feeling the squeeze following the gift-giving season, compounded by debts and the high cost of living.

As the holiday rush starts to slow, stress from holiday spending starts to grow.

Many Canadians are feeling the squeeze post-Christmas and Boxing Day shopping, which financial experts say is compounded by the high cost of living, inflation and debts.

"I feel like it has been way more expensive this year," said Laurie Nstrashok from Calgary.

"I certainly did not spend as much because the prices were so high."

It appears she isn't alone.

According to a new Nanos poll, Canadians were nine times more likely to spend less this holiday season, at 48 per cent, compared to the same time last year.

When it comes to groceries, spending on food at home over the holidays was a wash, with one in two Canadians expecting to spend relatively the same amount as compared to 2023.

If you're heading into the New Year with a financial holiday hangover, monetary experts suggest making a plan heading into January.

"Pay yourself first. Before you do anything else, figure out a fixed percentage of your budget and apply that to your debt and savings and automate it. It will feel tricky at first, but that habit, you won't even notice it over time," said financial adviser and author David Delisle.

Delisle said small acts of intentional spending can also pay off over time.

"Don't feel like you have to spend. When your friend asks you to go out for coffee, ask them if they want to go for a walk or come over for coffee," he said.

Delisle encourages seeking out a professional for financial support when overwhelmed and stresses the importance of losing the shame and judgment that surround money woes, with so many Canadians facing the same financial hardships.

"More is just going to essentials instead of the extras," Nstrashok said.

"It takes a toll emotionally because we're working to just meet the minimums."

The Nanos Research survey of 1,084 Canadian adults was done through telephone and a random online survey between Nov. 30 and Dec. 4.

It carries a margin of error of ±3.0 percentage points, 19 times out of 20.