This year has been a tough year for many of us and Christmas time can really add an additional layer of financial stress. But let’s be honest, it’s unlikely we are going to be getting out of buying some gifts this year.
So how do we manage Christmas shopping without blowing the budget this year?
Firstly, being honest about what you can afford is key. Set a limit and stick to it. There’s nothing worse than getting to January and being forced to sit out of events and other fun activities because you’ve overspent at Christmas.
Secondly, hide that Credit Card! Don’t lie to yourself that you’re ‘getting points’ by using it. ‘Points’ are designed to make you spend more and all the research says that it’s a very effective strategy. Using a Credit Card guarantees only one thing – more financial stress. Be realistic, use your own money and enjoy your summer guilt free.
We sat down with our expert budget advisers who have provided some suggestions on how you can have a ‘guilt free’ January:
- Trim your present list. Be brutal but kind and remember, you don’t need to buy for everyone. Some people will appreciate a hand written care more than any present you could buy them.
- Delay your purchasing and take advantage of the after Christmas sales. If you know you won’t be seeing your recipient until January, why pay full price?
- Suggest implementing Kris Kringle. If you only have one present to buy, you can really put some thought into finding something your recipient will really value.
Your budget is just one small component of your financial plan and should be reviewed regularly. Make an appointment with our team of Adelaide financial advisors and budget experts today.