Christmas can be a stressful time of the year, especially when it comes to matters of money. Buying presents for whanau, friends and work colleagues can impact your saving goals, however, it doesn’t have to be all bad news.
Being prepared is key to helping you survive financially. Here are a few tips to help you through:
1. Go out shopping with a plan
When it comes time to go out Christmas shopping, make sure you have a list of all the people you need to buy for. This will help ensure you know who has been good and who is on the naughty list for this year (and it also means you won’t get home and realize you forgot to buy a gift for your Secret Santa! 🥳)
2. Create a budget for each person
It is so easy to get swept up in all the holiday cheer, the Christmas tunes and the bargains. However, these good times can lead to bad times when your credit card bill is due or when you next check your bank balance. Ensure each person on your Christmas list has a budget and stick to it! This way you will know exactly how much you are spending.
A lot of stores now offer payment methods such as Afterpay, Laybuy and more. These are a good option to help spread your dollar further, but make sure you are paying attention to how much you are spending. Think about when other repayments are due and what other financial responsibilities you will have at that time (registration, WOF, other loan repayments etc)
3. Don’t forget about the food!
Budgeting for Christmas presents is important, but don’t forget about Christmas day. The big day when all the presents are delivered and the family is together also means that food will be served. Try to work out now, how much food and drink you will need to have to serve to everyone and set aside money for that shop.
Why not click and collect your food order. This is a great way to see how much you are spending immediately, and not get a surprise when you get to the check out. It’s easy and convenient and can be done from the comfort of your couch, it also means you can check on your household stock levels and not over purchase products that could end up going to waste in the back of the pantry cupboard.
Having a plan and sticking to it is a great way to ease the stress of this Christmas season, but sometimes it can be all a bit too much. If you are struggling financially or mentally, then help is available. Contact Work and Income, The Salvation Army or Lifeline to discuss further.
