Tis the Season
How to avoid a financial hangover this Christmas
Christmas is a notoriously expensive time of year for everyone. Prices are increasing, budgets are set and broken and the many, many shopping lists give people a run for their money (literally). If you’re smart enough, however, heading into this season with a game plan and some restrictions means you may just come out on top, so you can happily celebrate the New Year.
Luckily, there are few handy tips you can utilise, in order to keep in your bank account in the good books. Best of all, you’ll still be able to enjoy all that Christmas has to offer, just minus a few unnecessary extravagancies.
1. Set a budget and stick to it
Yes, we know—putting a budget in place is one thing, but actually having the strength to stick to it is a whole other game. There are ways to force yourself though, and as long as you continue to remind yourself why you are doing it in the first place, you’ll find that you’re more likely to stay on track. When drawing up your budget, make sure you include food, drinks and event necessities, and not just the presents. What will you need for the socialising? Resist temptation and impulsive purchases. Every cent should be planned in advance. 2. Don’t use savings unless you absolutely must
There’s a reason they are called savings, but if you have to dive into them, make sure you’ve got access to an account that is accruing the interest. Give yourself a set amount that you are allowed to withdraw, and don’t go over it.
3. Get to know your overdraft
If you have got an overdraft or Credit Card make sure you know the interest rate and amount accessible, before you plan to use it. Not knowing these details may mean you wind up in serious, expensive trouble, so check these details out before your ‘big shop’.
If you’re not sure where to start, ask for professional assistance. As finance brokers in Perth, we can help you get started on your budgets for the Christmas period, or set you up with a solution that suits your needs.
Please call us any time for advice and discussion – we are here to help you!
Contact: Alan 0424 185 442 or Gayle 0411 494 800