The holidays are a time of gifts, dinners and evening outings, but for some this year will be more of a spending cut.
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Before a table on the show “À vosaffaires” showing that 40% of Canadians will reduce their spending at the end of the year, TD Wealth Management senior regional director Émile Khayat claims that this data is not in any way much surprising .
These results from the survey published by TD Bank Group suggest not only that Canadian citizens will try to save money, but also that 49% of them will use those savings to pay for groceries. Despite this, 45% of them will have no money set aside at the end of the month.
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Still, the financial management professional is reassuring for struggling families.
“Everything is calculated, everything is planned,” explains Mr. Khayat. That’s why I do my job.”
The current context in which many Canadian households find themselves is a situation that the professional normalizes in the “short term”.
If the burden seems insurmountable, the financial expert assures: “You have to take the time to take a break.”
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“Taking the time to review things in a quantified way,” he adds, “putting things in perspective, seeking out experts, calculating and projecting over time to see what it might look like, if the situation lasted for a year, two years, three years.”
When people find themselves in a precarious situation, “many don’t know where to turn,” notes Mr. Khayat. However, in his opinion, creating a plan with a financial advisor can be very helpful.
“It’s very simple. All financial institutions, including TD, have professionals who can advise you; financial planners who are generally best suited to give this type of advice. That’s why I strongly encourage everyone to sit down and put things into perspective to put the right light on it.”
***Watch the full interview with Émile Khayat in the video above***