Silly Season: Avoid a Financial Hangover
Everyone needs guidance. Come Christmas time Santa heads to Rudolph for a little guidance. And this silly season, take this guidance from MW Lomax to ensure you begin the new year in great financial shape.
It’s no secret that Australians spend big at Christmas time. In the pre-Christmas trading period from November 15 to December 25 2015, Australians splashed out a massive $47 billion, a 3.6% increase on 2014 trading figures. The average Australian plans to spend over $1,000 over the holiday season. That’s a lot of socks and jocks!
So in order to manage approach the holiday season Ding Dong Merrily on High, here are our five golden tips.
- Make a list and check it twice
Budgeting is the cornerstone of financial stability. Budget for all gifts, food and drinks to ensure your planned spending is congruent with the rest of the household budget.
- Find out who’s naughty and nice
Plastic isn’t always so fantastic. Avoid credit cards with nasty fees and penalties for overdrafts. Make sure there is a plan on how and when you will pay off any credit card debt.
- Dashing through the… shops
Shop around for the best deals, especially in the pre-Christmas trading period, in order to make your money stretch further. This is a competitive time for retail and brands will do (almost) anything to outdo one another.
- Santa’s Snacks
Start buying your essential Christmas lunch food items now, as the closer to Christmas, the more expensive and less available many items become. Take advantage of any supermarket coupons, and if possible, pre-order your turkey and save in the process.
- And a Happy New Year
Start 2017 in great financial shape and plan your annual finances. This includes planning for Christmas 12 months away, saving and using your money wising during sale periods such as mid-year stocktake.