Christmas is supposed to be one of the happiest times of the year – family, friends, food and presents. However, the pressure to enjoy yourself can be overwhelming once you start doing the sums in your head. Will you have enough money to be worry free and really enjoy yourself during this festive season?
It is of little surprise to know that one of the greatest periods of personal bankruptcy, in any year, is around March and April. This is when credit card bills from Christmas have become insurmountable for people already under financial stress.
Have a look at my guide to help you through this enjoyable time of the year:
Buy what you can afford. Set a budget and stick to it. If that means you don’t buy as much or, in fact, only buy one present for your immediate family, so be it. A lot of families choose to buy one present per person because of financial reasons, set a limit, draw a name out of a hat and this will be much easier financial option and a bit of fun.
If on a budget, avoid the latest trends. I know it’s hard with children, but think about it from a business perspective. The latest hottest toys are the ones that the retailers do not consider discounting leading up to Christmas. If you can hold out or offer money to children they can purchase the items in the Boxing Day sales. This way they are still getting what they want at a discounted price.
After this Christmas start planning for next Christmas. It’s never too early to prepare for next Christmas. This could be starting a specific Christmas account to help with presents and the food bill, putting presents on layby or buying items throughout the year during the sales. This will all assist you in avoiding the last minute rush and spending on credit cards.
Whatever your Christmas giving is this year plan it, and plan it well. Take some time for a free consultation with John from Focus Your Money and work on your expenses including Christmas. He will design a Personal Money System that will help you with your money needs. You will be so glad you did.
http://www.mygungahlin.com.au/business-directory/focus-your-money
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