The grim aftermath is here. So many people flocked to hectic malls and giant department stores in December, emptying their pockets during the Christmas season.
The result, as it is every January, is a new year highlighted by sunken bank accounts and tight budgets.
However, the outlook is even grimmer now than in the past.
The Conference Board of Canada is predicting a nine-month recession this year. Other experts are calling it an “economic tsunami.”
The fall and winter have been a struggle, but the spring and summer look like they will be much of the same, if not worse.
Now for the average Canadian, the bottom line is likely: what can he or she do with their shallow pool of money left over from the holidays?
There is the option of running and hiding somewhere. Maybe in the attic, grasping the leftover bills tightly in both hands.
However, during tough economic times, it would make a lot more sense to bank on some financial advice.
The Internet is the first avenue many people often explore for advice.
But those seeking helpful financial advice should beware: the web is full of risky, and often misguided information.
There is tons of unconventional and unproven advice circulating out in cyberspace.
Blogs are the most common source for web advice. And some of the information might appear to be reliable. But there is an issue with sites like savingadvice.com and free-financial-advice.net.
There is no way to know if these people have any financial credentials.
And when times are tough, money is too precious for trial and error.
Financial experts such as Suze Orman say the best channels for advice are qualified business experts, not miscellaneous websites.
Banks are one place to find this expertise.
The first step is to make an appointment with a financial advisor. They are often free.
A sit down session with an expert could motivate smart saving and spending.
Bank websites also supply financial advice, though they tend to target investors.
Orman also says books are a great way to learn.
There are a number of books about saving money.
It is not hard to find an inexpensive one on the web or in your local used bookstore. Rich Dad, Poor Dad by Robert T. Kiyosaki is a good place to start, for example.
The book provides a good dose of sound advice for everyone and costs less than 20 dollars.
All things considered, one of the best ways to be financially savvy is to browse through the magazine rack.
Magazines will often teach you about saving in very simple terms, and give you basic ways to save.
Not to mention, they are cheaper than any book.
An added bonus is that popular Canadian business magazines like Money Sense and Canadian Moneysaver also have websites of their own.
That means you can get free financial advice from the real experts, rather than people who simply claim to be authorities on the subject.
Getting free advice from the professionals is ultimately the best-case scenario.
And it is much more effective than hiding in the attic.