- Have a plan and a budget – and stick to it
- Think creatively about your gifts – thoughtful gifts don’t need to cost the earth
- Shop the sales – but use your plan
- Don’t give up on saving between now and Christmas
- Try to avoid the Christmas credit hangover
- Be wary of scams and don’t share your personal information with anyone you don’t know
Use these financial tips to enjoy your Christmas holidays even more
Christmas is a time to be enjoyed so here are our tips on having an enjoyable Christmas without racking up big credit bills.
The key is being prepared, well ahead of time. The more time you have the more creative you can be with things like gifts and decorations, the smarter you can be with when and where you buy gifts and the less pressure you will feel!
1. Build a plan, well in advance of Christmas and stick to your budget. Your plan should include a budget for the two main expenses over Christmas – gifts and food. Having a plan allows you to shop with precision.
2. Think creatively about gifts. Thoughtful relevant gifts don’t need to cost a lot. Think about giving gifts of “time or skill”, pooling your budget with a group of friends or family members when buying someone a gift and regifting (which is common sense and increasingly acceptable).
3. Shop the sales. But use your plan to only buy the things you need. Lots of retailers participate in pre-Christmas sales these days which means you can buy the gifts your looking for on sale before Christmas.
4. Don’t give up on saving money between now and Christmas. OK, there isn’t much time left, but every dollar you avoid spending on something else is a dollar you can spend on Christmas and a dollar less you will have to pay off your credit card or by now pay later account next year.
5. Avoid using credit options that you can’t afford and avoid the Christmas credit hangover. Using your credit card or a buy now pay later arrangement can be very expensive if you miss payments or pay interest on the purchases.
6. Be extra careful of scams and don’t share personal information with anyone you don’t know. Scamsters are especially active at this time of the year and they don’t seem to take holidays!
This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711, ACL 493068). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) and the relevant product providers.