For many Canadians, the holidays are one of the most enjoyable times of the year. They are filled with family gatherings, festive meals, gift giving, and a calendar that seems to fill up faster than expected. They are also, quite honestly, expensive. Between Christmas shopping, travel, hosting, parties, and seasonal traditions, it is easy for spending to creep well beyond what we originally planned.
There is nothing wrong with enjoying the holidays or spending money on experiences and gifts that bring joy. The key is making sure that short term holiday spending does not interfere with long term financial stability, especially when it comes to essential obligations like your mortgage.
Why the Holidays Can Put Pressure on Your Finances
Holiday spending often feels different from everyday spending. Purchases are framed as one time expenses, special occasions, or things we will “deal with later.” Credit cards make it easy to spread costs out, and social pressure can quietly push budgets higher. Add in rising grocery costs, higher interest rates, and the general cost of living, and many households feel the strain more than they expected.
What makes this tricky is that most of these expenses arrive all at once, while core bills such as mortgage payments, utilities, insurance, and property taxes do not pause just because it is December.
Keeping Mortgage Payments a Top Priority
Your mortgage is one of the most important financial commitments you have. Missing or stretching a payment to accommodate holiday spending can create stress that lasts long after the decorations come down. Late payments can affect cash flow, create unnecessary anxiety, and in some cases impact future lending options.
A helpful mindset during the holidays is to treat mortgage payments and other fixed bills as non negotiable. They come first. Everything else fits around them. This approach allows you to enjoy the season while protecting your financial foundation.
If money feels tight, it may be worth adjusting expectations around gifts or hosting. Many families are choosing simpler celebrations, gift limits, or shared experiences rather than expensive purchases. These changes often reduce financial pressure without reducing enjoyment.
Planning Ahead Helps More Than You Think
Even a small amount of planning can make a big difference. Reviewing your budget before the holidays begin, setting a realistic spending limit, and tracking purchases can help you avoid surprises in January.
It can also be helpful to look ahead at what is coming next year. If your mortgage renewal is approaching, the holidays are actually a good time to reflect on whether your current mortgage still fits your situation. Changes in income, expenses, or interest rates may mean that a review is worthwhile.
If you are thinking ahead to renewal, this article on preparing for a mortgage renewal can provide useful context and help you understand what options may be available before your term ends:
https://thelocalbroker.ca/how-canadian-homeowners-can-navigate-the-2025-mortgage-renewal-wave/
Using the Holidays as a Reset, Not a Setback
While the holidays can strain finances, they can also act as a natural reset point. Many people use the quieter weeks between Christmas and the New Year to review their finances, set goals, and think about changes they want to make in the year ahead.
That might mean reassessing monthly expenses, building a more comfortable emergency fund, or reviewing your mortgage to see if there are opportunities to improve cash flow. Even small adjustments can create breathing room and reduce stress going forward.
A Balanced Approach Going Into the New Year
Managing finances during the holidays is about balance. It is possible to enjoy the season, participate in traditions, and still make responsible financial choices. Prioritizing your mortgage and essential bills allows you to enter the new year with confidence instead of regret.
If you are feeling uncertain about your mortgage, upcoming renewal, or overall affordability, it can help to talk things through with someone who understands the full picture. Taking a proactive approach, rather than reacting under pressure, often leads to better outcomes and fewer surprises.
The holidays pass quickly, but the financial decisions you make during this time can last much longer. A little planning, honest reflection, and focus on priorities can help ensure that the season remains something you look back on positively, both emotionally and financially.
