3 Tips For Christmas On A Budget
It’s only a few weeks until Christmas.
A time of celebration – but also a time where it’s tempting to overspend!
Recent estimates show that Australians owe over $33 billion on credit card debt – that’s just over $4,000 each!
So instead of using your credit card for presents and entertainment expenses this year, here are 3 tips to help you avoid overspending and stick to your budget.
Christmas Budget Tip 1 – Plan and budget for what you can afford
It can be easy to overspend at Christmas – especially if your children give you a long list of things they ‘must have’ for Christmas.
The constant advertising pressure to buy more can be stressful. It can sometimes feel easier to give into everyone’s demands!
Writing a Christmas budget will help you feel more in control and less overwhelmed.
Start by making a list of everything you can think of that you will need to buy.
Include presents, food, decorations, drinks and even stamps for Christmas cards.
Now go through this list and add a dollar value next to each item.
For example, if you’ve got 10 people to buy presents for, write down what you’d like to spend on average for each person.
With a detailed budget like this, you will find it easier to stay on track with your spending.
Need more information on budgeting? MoneySmart has detailed information here.
Christmas Budget Tip 2 – Delay giving Xmas presents until after Xmas
It happens every year!
After a full day of visiting family and eating a lot of festive food, you lie on the couch in front of the TV.
Have you noticed how most of the TV ads are for the Boxing Day sales?
And there’s always ads for items that you paid full price for a few days before Christmas – now heavily discounted!
So this year, consider giving your family members an “IOU” Christmas present.
For example, if your 15-year-old daughter wants the box set of True Blood DVD’s – give her an IOU for it and buy it at the sales.
Christmas Budget Tip 3 – Start a family tradition of no gifts for adults
Ever opened up a Christmas present and wondered, “what were they thinking?”
People waste a lot of money, time and energy buying gifts that aren’t needed or appreciated.
So this year, consider giving gifts to children only – letting the adults know that their birthday present will be added to in value can placate them.
Which gives you less presents to buy now and more time to put some thought into their birthday presents!
Like some help planning your Christmas budget?
We’d love to help you out!
Email us here or call us on 1300 296 388 to set up an appointment.
The advice provided in this blog is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. For our full disclaimer, please click here.