Finance News

Budgeting for Christmas

Budgeting for Christmas Author: Monica Eid Planning Christmas ahead will not only save you money, it will reduce your stress too. Here are some tips to help get you started. Budget A budget is the key to successful planning. If you don’t budget you risk spending beyond your means. By knowing your budget in advance you can start saving to meet your goals. Make a list Be sure to make a list of each person you need to buy for. This will prevent impulse buys and lower the risk of you going over budget. Stick to the list but leave some room in the budget for decorations or unexpected expenses. Shop Smart Have a shopping list; it’s easy to spend too much. Purchase gifts during sales across the year and put them aside. When you find something you like, do your research and compare prices. Avoid last minute shopping as this can result in impulsive decisions. Plan for food costs Christmas can be a time of overindulgence. Plan ahead so you don’t waste food or money. If you’re hosting, ask a family member to bring a plate or drinks to help lighten the load, and the cost, of your Christmas luncheon or dinner. You can even plan ahead for the following Christmas:
  • Sales – shop for presents throughout the year, especially Boxing Day and mid-year sales to pick up some great bargains
  • Lay by – you can lay-by, in some cases, with no deposit right up until November
  • Saving – Open a small savings account and contribute a small amount monthly.
Some forward thinking and savvy planning could make this your merriest Christmas yet!   General Advice Disclosure: This document 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, AMP Financial Planning 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.

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