Budgeting on a fulfilling festive season
Written on the 4 December 2018 by Arrow
We're at that time of the year again: the shopping centres are packed, you're signing dozens of greeting cards, and your little ones have just handed you a 'wish list' longer than they are tall. At the back of your mind, you might even be hoping for a treat or two for yourself.
It's easy to get caught up in the consumer frenzy at this time of year. The media encourages us to equate spending with generosity, making buying a real emotional issue. From TV shows about the 'best Christmas ever' to department store ads encouraging us to give that special someone 'what they really deserve', there's no wonder Australians spend billions every year over the holiday season around $955 per person, according to ASIC's Moneysmart.i
If that sounds like a lot, our Christmas debt hangover is even bigger, with the average Australian credit card holder spending $3342 on plastic in December last year. Worryingly, many were unable to pay it back for months, often accruing interest.ii
If this sounds like you, perhaps it's time to put in place a plan for this festive season to make sure it's a time not only of merriment and joy for all the family, but also one that doesn't leave you too far in the red.
Have a great holiday season without overspending
However you manage your holiday budget, we hope you have a wonderful time with friends and family, and a well-deserved break. For more help with getting your spending and saving in order this festive season, make an appointment with us today.
i Asic's money smart, Australia's Christmas spending, 25 Oct 2018, available from https://www.moneysmart.gov.au/managing-your-money/budgeting/spending/australias-christmas-spending, accessed on 29 Oct 2018
ii Elsworth, Australians are being warned not too overspend their credit cards this Christmas, news.com.au, 19 Nov 2017, available from https://www.news.com.au/finance/australians-are-being-warned-not-too-overspend-on-their-credit-cards-this-christmas/news-story/2cf080bfd59c545f9b9e34770c564f95, accessed on 29 October 2018