Tips to Save Your January this Christmas

This week’s idea came about after achat I had with Peter, the CEO of the personal financial assistant app we use for out clients here at 7Wealth – MoneyBrilliant.What Peter has found is that just after Christmas time, MoneyBrilliant receives an influx of over-zealous Christmas shoppers attempting to get their finances back on track. Sound familiar?

Whilst the festive season brings joy and happiness to many households in Australia, it can also bring financial stress. According to Finder,each Australian will spend around $1,325 on Christmas this year. This may sound excessive, but Christmas expenses can add up. As well as presents, cash drains like parties, other entertainment, holiday spending and back to school costs push families’ cash flow to the limit, impacting upon their ability to pay other expenses such as their mortgage. 765,167 Aussie households are at risk!

So, what can you do to avoid stress at such a fun time of year? Don’t worry, you’re not the only one. More than three quarters of Australians are looking to cut costs this Christmas i.

  • 51% will set a spending limit
  • 17% are doing secret Santa
  • 17% are making or baking gifts
  • 13% will regift their unwanted presents
  • And 15% say they won’t buy presents at all!

To help you save money right from the get go, here are six easy tips to reduce your spending this Christmas!

1.Use Online Promo Codes. There are promo and coupon codes hiding around every proverbial corner this time of year. Punching them in when you get to the online checkout can often provide you with 10-20%discounts on your every order, free or discounted shipping, some complimentary goodies, or even free gift-wrapping!
If you never want to miss out on a promo code, check out the Honey extension for Google Chrome. Honey automatically finds and applies coupon and promo codes to your orders when you shop online, making sure you never miss out on a handy Christmas discount!

2.Plan Ahead. You’ll find wrapping paper, Christmas cards and a whole host of other festive material will go on clearance just after Christmas. Stocking up for next year will save you a lot of money, stress and time when next Christmas rolls around!

3.Make your gifts.Handmade items, home cooking or plants from your own garden are all fantastic alternatives to store-bought presents and will probably cost you a quarter of the price! Handmade gifts also come with a personal touch you just can’t findat Kmart of Big W.

4.Give an experience.Consider options like wine tours, massage vouchers or a zoo trip when brainstorming potential present ideas. You can often snag awesome deals on apps like Groupon and Scoopon that can provide amazing memories without breaking the bank.

5.Make a list –and check it twice! Making a Christmas shopping list will ensure no one misses out, and will help you avoid making impulse purchases while you’re shopping, leaving you with spare gifts.Preparing your list early also means you can buy your gifts all at once and take advantage of sales throughout the year, such as Black Friday, Cyber Monday, and Boxing Day.
As an added bonus, buying lots of your presents at once from a big online retailer like Amazon might just get you over the line for bulk-gated promotions (see tip 1).

6.Credit Cards Are NOT Your Friend! While it may seem tempting to chuck all your Christmas spending on a credit card and worry about it later,ditching the credit card this Christmas will save you a world of hassle down the line. We recommend using cash or a debit card to ensure you only spend what you have available, and don’t end up with a January credit card hangover.

And if it’s too late?

If you’ve already done the damage and know the credit card hangover is coming, then start repaying what you can afford off your card ASAP. You don’t have to wait for your statement to arrive in January! To make it even easier, using an app like Money Brilliant will help you keep on top of your spending and find areas in your life you can‘trim the fat’ to overcome your Christmas splurge.

If you could use a personal coach to keep you accountable for your spending, then book a session now.

i.,Christmas cutback: How 14 million Aussies will save on gifts, 29 October 2018. 

7Wealth Pty Ltd ABN 44 609 210 246, isan Authorised Representative of AMP Financial Planning Pty Limited ABN 89 051208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706
This blog contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/ or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

December 16, 2018