Boxing Day Reality Check: What Christmas Actually Cost You
The gifts are opened, the tourtière is finished. Before you hit the Boxing Day sales, let's calculate what the holidays actually cost and plan for 2026.
Boxing Day in Canada. The biggest shopping day of the year—and also the perfect day to stop and ask: what did the holidays actually cost me?
Before you line up for doorbuster deals, let's look at the numbers from the past month.
The Average Canadian Christmas Spend
Canadians spend an average of $1,500-$2,000 CAD on the holidays. Here's where it typically goes:
| Category | Average Spend |
|---|---|
| Gifts | $600-900 |
| Food & entertaining | $300-400 |
| Travel | $200-400 |
| Decorations | $75-150 |
| Holiday clothing | $100-150 |
| Charitable donations | $100-200 |
Hidden costs: Shipping fees, gift wrapping, premium grocery items, the LCBO run, parking at the mall, extended warranties pushed at checkout.
Time to Face the Numbers
Open your banking app and calculate:
- Chequing account - All December spending
- Credit cards - Compare balance to November 30
- Buy Now Pay Later - Afterpay, PayBright, Klarna
- Line of credit - Any draws this month?
Add it up. No judgment—just information.
If You're Carrying Holiday Debt
Nearly 40% of Canadians take on debt over the holidays. The question isn't whether you spent too much—it's what happens next.
The minimum payment reality:
$2,000 credit card balance at 20% interest:
- Minimum payment: ~$50/month
- Time to clear: 6+ years
- Total interest paid: $1,400+
You'd pay almost 70% extra in interest alone.
Better approach: Fix your payment at $200/month. Clear it in 11 months. Pay ~$180 in interest instead of $1,400.
Calculate your debt payoff timeline →
The Boxing Day Trap
Here's the irony: Boxing Day sales tempt us to spend more right after overspending.
Before you buy:
- Did I want this before seeing the sale price?
- Would I buy it if it wasn't on sale?
- Is my credit card balance already higher than I'd like?
A $300 TV marked down to $150 isn't saving $150—it's spending $150.
Your Post-Holiday Financial Reset
This Week (Yes, Starting Today)
- Calculate total holiday spending - Everything, no exceptions
- Set a payoff date - Write it down
- Process returns - Most stores extend return windows in January
- Sell unwanted items - Kijiji, Facebook Marketplace, Poshmark
January
- No-spend first week - Use what you have
- Cancel free trials - The ones from holiday shopping promotions
- Review subscriptions - How many streaming services do you need?
- Max out TFSA room - If you have cash sitting around
All Year
- Start a holiday fund - $125/month = $1,500 by December
- Agree on gift limits - Talk to family now while memories are fresh
- Consider Secret Santa - Especially for extended family
The TFSA vs. Credit Card Math
Here's a thought: what if you invested instead of paying interest?
| Scenario | 10 Years | 20 Years |
|---|---|---|
| $1,500 in TFSA at 6% | $2,686 | $4,812 |
| $1,500 credit card debt at 20% | -$9,300 in interest | Why? |
Every dollar in interest is a dollar that can't work for you.
Calculate your investment growth →
The Holiday Sinking Fund
Best time to start: right now, while the pain is fresh.
| Monthly Saving | By December 2026 |
|---|---|
| $100 | $1,200 |
| $150 | $1,800 |
| $200 | $2,400 |
Set it up in a separate high-interest savings account. Automate it. Forget about it until November.
Run Your Numbers
- Debt Payoff Calculator - Plan your escape from holiday debt
- Canadian Salary Calculator - See your actual take-home
- Investment Returns Calculator - Project your savings growth
The Bottom Line
Boxing Day doesn't have to mean more spending. It can mean something better: the day you faced your holiday finances honestly and made a plan.
The deals will come around again. Financial clarity is the real gift you can give yourself today.