Silly Season Change

Written on the 1 December 2014 by Janet Culpitt

Do things change for you in the Silly Season?  Effective Debt Management and keeping your cash flow under control are important at this time of year or you could spend the next 12 months paying for it.

Many of us begin to wind down from work and start End of Year partying, gift shopping, and planning what they will be doing for holiday time. To some of us it is a great family time, for others it is work as usual, and even our busiest time depending what industry we are in. Whatever December brings to you, the foundations of your money management and finances remain the same and you should always keep certain points in mind.

Here are some Effective Debt Management tips you might find helpful:

• Spend less than you earn - makes sense, but this time of year many over extend on credit card usage, buy now pay later options, and new credit on offer.
• Good debt Vs bad debt - the majority of us have debt, the difference between good and bad depends on the individual and even those with no debt at all may need to look at some of the advantages and disadvantages with debt and how it is structured. Bad Debt can raise its head over the silly season.
• The Aussie dream of owning their own home Vs Investment - Property statistics show this is still the great Aussie dream but it has taken on variations with different generations coming through. Many use the Christmas break to get things done around the home and whilst doing so reassess their thoughts on various types of properties.
• Borrowing wisely - what is right for one may not be right for another so again it comes down to individual circumstances and getting the right advice not the generic advice.

Keep your Cash Flow Under Control with these tips:

• Spend less - than you earn didnt we see this before? Yes as this is paramount with everyones finances.
• Budget - across the year for changes such as Christmas or holiday periods. How many of us get to this time of year and think we should have planned a little better?
• Setting goals - and how it affects your planning e.g. a holiday.

Will you get caught up in the sales and over extend or just stock up on the bargains that you come across? Will you enjoy because you have planned properly and have had the foundation fundamentals in place?

Whatever this time of year brings please be safe, enjoy the company of those around you, and be aware of your own foundations. Review your cash flow and debt management during this time and have the appointment set, to sit down and look at this seriously once the silly season is over.

The important things is to always be on top of your finances and be in the position to make smart decisions about money?