Don't let inflation be a Grinch: People focusing on holiday spirit over presents
Inflation is making some people check their Christmas list twice
Holiday shopping season is here and like (almost) everything else, it is getting more expensive. If you are having trouble being festive this year, you are not alone.
Pamela Meger says she has been working with people to create budgets and cut back their costs, but they are still struggling to get by.
"It's kind of been heartbreaking, to be honest," said the licensed insolvency trustee for MNP in Regina. "They just can't keep up with the continued increase in cost of living and the increase in interest rates."
Canada's consumer price index rose by 3.1 per cent in the year up to October.
"People who had a locked-in mortgage at 2.5 per cent are renewing a mortgage that was at $1,500, and is now $2,100 under the new interest rate."
To adjust, some people are opting out of spending on materialistic things, and opting in on more family time.
Reese Naytowhow, who lives in Regina, said Christmastime is more daunting than it used to be with all the extra expenses, but the holiday is not always about gifting and receiving.
"Christmas is getting to be more about family and less about getting things. We need to start changing our ideas about Christmas."
She said her family watches Christmas movies and eats a big meal together.
The pandemic has also influenced how some people view the value of the holidays.
Jada Yee, who also lives in Regina, said, "COVID taught me a lot about the real value of people."
Now, he said he finds joy in different things, like "visiting with friends and family."
Meger agreed that "COVID kind of taught us time with family and together is very precious."
"If we keep incorporating that and have the time with our family and those experiences, I think the kids will be all right."
ABOUT THE AUTHOR
