Finance: Have no regrets this Christmas

16/06/2019 Posted by admin

FROM the many festive social events to Christmas presents and even Christmas lunch, it is easy for your finances to run away with you.
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Of course, not everyone wants or can spend big at Christmas time.

According to Mortgage Choice’s Happy As Index, almost 50 per cent of NSW respondents said they plan to “spend less” this Christmas.

Some 32.5 per cent of the state’s respondents said they would spend less on gifts, while a further 11.7 per cent said they planned to spend less on going out and 2.9 per cent indicated they would spend less money on food and beverages.

Australians realise from past experience how easy it is to get carried away during the festive season and ultimately blow the budget.

Thankfully, there are some simple techniques that people can employ to curb their spending without sacrificing the things they enjoy.

Here are my five tips to help locals spend within their means this festive season:

1. Open a festive account: Set yourself a budget for the festive season and then put that money into a separate transaction account.

By separating this money from the rest of your finances, it will stop you from spending more money than you originally planned.

2. Research lender options: Australia’s lenders are keen to attract new business and are offering some significant incentives to new customers – including free usage of any ATM in Australia, and even cash-back incentives to those who open a new account.

Research your options and see if there is a better financial institution out there for you.

3. Prepare yourself: Before you head to the shops and start spending money on presents for your loved ones, it pays to sit down and make a list.

Know exactly what you plan to get each family member and how much that gift is going to cost.

Having a list at the ready will help make sure you don’t spend more than you bargained.

4. Shop around for discounts: There are plenty of discounts to be found provided you have the time, energy and patience to shop around.

Alternatively, you may find ordering online can save you significantly.

5. Don’t spend more than you have: If you’re heading out on the town or heading to the shops to get the Christmas present buying under way, it pays to leave your credit cards at home and only take the money you can afford to spend.

By denying yourself access to additional funds, it will force you to spend within your means.

■ Richard Windeyer is a mortgage broker with Mortgage Choice. His advice is general in nature and readers should seek their own professional advice before making any financial decisions. Phone: Richard Windeyer on 1800 01 LOAN.

Richard Windeyer, Mortgage Choice

This story Administrator ready to work first appeared on Nanjing Night Net.

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