It’s the most wonderful time of the year….. and most expensive! You guessed it, it’s Christmas. The silly season can be costly and extremely stressful, if you’re worried about money.
Don’t break a sweat, lucky for you, we have your back! Before you march on your merry way and start practicing your Christmas Carols, we wanted to share some financial tips to stuff in your stocking.
How many paydays are there between now and Christmas?
As a kid you would often wonder ‘how many sleeps until Christmas?’. Now it’s how many paydays! If you don’t want to be left stressing about money or worse, using credit cards or pay later services to buy prezzies and all those Christmas lunches, it’s time to start saving. Ask yourself how many paydays you have until Christmas and how much you can save in that time. Factor in any extra savings you are willing to part with and BOOM, you have the start of your Christmas budget.
Who’s been ‘naughty or nice’?
Now, remember, the value of a gift isn’t in the price tag, but in how much thought you put into it. Get creative! You’re going to have to make a list of all the people you want to give presents to and perhaps attach a monetary figure on how much you can afford to pay for each person. If you’re end number is way out with your potential budget calculations, then think of alternative ways to spread the Christmas cheer.
Share the load on Christmas day
Your mouth gapes as you walk into lunch and see huge bowls of banana prawns, the freshest barramundi sizzling on the BBQ, next to prime cuts of beef and a glazed organic leg ham being carved to perfection. Fresh mangoes, cherries, watermelon and lychees are overflowing from fruit bowls. Chocolates, desserts, beers, champagne and wines! Aside from the presents, the next biggest expense is always food! Try not to get too carried away and communicate with friends and family as to who is bringing what.
Take a Breath
Hitting the shopping centres in the weeks leading up to Christmas can be super stressful. It’s busy, you’re kicking yourself you aren’t more prepared and the pressure to just hurry up and buy presents is mounting. Rushed Christmas shopping is expensive Christmas shopping. Just slow down and take a breath. Take advantage of extended shopping hours and aim for less busy times to avoid crowds or better yet, go online. Research the items you want to buy before hitting the shops to avoid the panic impulse buy.
Plan for next Christmas
Ok, it’s Boxing Day… the cricket is on, you’re likely a little hungover and drained from the whirlwind that has just passed. But it was a success, you pigged out, gave some cool presents, got some sweet new socks and undies and there were no major Christmas family arguments this year (hopefully). You go to the fridge, pick out some leftovers and thankfully you don’t have to do that again for another year. Well, it’ll come around a lot faster than you think. Putting a little away for next Christmas each month and maybe picking up a few presents throughout the year will save you a lot of pain in the long run!
We at Visia Financial Services know all about the power of thinking ahead and aim to give our clients the empowerment that smart financial planning can bring. Get in touch and let’s get you belting out those Christmas tunes early!
Kora Drage is an Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108, AFSL 231138. The information contained in this article may contain general advice. It does not take into account your financial circumstances and objectives. You should consider talking to a financial adviser and read the relevant Product Disclosure Statement (PDS) before making a financial decision. Any views and opinions provided in this article may not reflect the views and opinions of Financial Wisdom Limited.
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