Tips to control your holiday spending

Holiday spending and recession prepping Investor Candice Bakx-Friesen discusses how to prepare for a possible recession and gives tips on controlling holiday spending.

With the holiday season right around the corner, one financial expert says it is a good idea to have a plan to control your spending this year.

Candice Bakx-Friesen, with Investor Smarts, said inflation has had an impact on everyone's budget heading into the holidays.

"I think everybody right now is tightening up their budget and their spending because everything has gone up so much," Bakx-Friesen said.

"Looking at your budget is the first thing that you want to be doing, and setting the limit for your Christmas spending."

She said to make a plan for yourself, you first need to take a look at your financial numbers, and determine what will be reasonable for you to spend. She said this is an individual decision, and people shouldn't look at what everybody else is doing.

Once you have the plan, Bakx-Friesen suggests tracking your spending as you work your way through your Christmas shopping list.

"It's very easy to take out the card and swipe or tap and it's done, but we spend unconsciously," she said.

Watch the full interview with Bakx-Friesen to hear more tips on how to keep your holiday spending under control.