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Saving tips for the festive season
With prices of everyday essentials increasing, Christmas can be a challenging time for families on a budget, and it's no surprise that many of us leave our Christmas shopping to the last minute and end up over-spending. Now fast-forward to January and most of us are left dreading the arrival of our credit-card bill.
Start thinking about your Christmas spending now, and you've got a far greater chance of commencing the New Year in the black.
Commonwealth Bank's Head of Retail Products, Michael Cant, has some easy tips to show you how:
Top festive-season saving tips:
1. Try to save small, regular amounts from now until the end of the year in a special holiday gift fund. A savings account is the perfect solution, because it rewards regular deposits and no withdrawals with bonus interest. Automatically transfer your savings into your transaction account when it is time to go shopping. You can't spend what you don't have in your transaction account!
2. Put your tax refund away NOW. Invest your well-earned tax refund into a three month term deposit and watch the interest pile up!
3. Make a list of all the people you have to buy a gift for, allocate a specific amount to spend for each person and try not go over the set dollar limit. If there's too many people on your list, why not go in with another family member and buy joint gifts?
4. Comparison shopping- if you start preparing for Christmas early you will be able to shop around for the most competitive price on your purchases. Look out for sales during the year and stock up on gifts when prices are lower.
5. Set dates for shopping and try to avoid spontaneous shopping trips which can lead to unplanned spending. 5pm on Christmas Eve is not a good time to start your Christmas shopping!
6. Shorten shopping trips, as long shopping trips result in tiredness which can lead to spending decisions that you may regret.
7. Kris Kringle with family or friends may not suit everyone but it is a great way to limit spending on gifts among friends and family. Agree on a set amount per gift, then everyone draws a name out of a hat and only buys a gift for that person.
8. Consider online shopping, if you make a list of what gifts you are buying and then buy items on-line you may avoid the temptation of buying extras items at the shops. The internet is also a useful resource for researching the best prices for the gifts you're looking to purchase.
9. Use only one credit card, as it will be easier to keep an eye on your spending.
10. Be creative, gifts don't have to be expensive - often the most appreciated gifts are ones that are sentimental. Why not make your own chocolates or cookies and package them in festive boxes? You could even consider making your own Christmas cards.
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