Now that Christmas is done and dusted, we all should start planning ahead for next year. Imagine getting to December knowing that you have a few thousand dollars in the bank, ready to buy gifts, pay for your holiday and stock your pantry full of delicious Christmas treats!
Here are some ideas to make sure you are set up for next Christmas:
- Start saving now. Open a high interest savings account in January and contribute a small amount to it every payday. Saving $25 per week will add up to over $1,300 by December. It is difficult to pay for Christmas out of December’s pay alone, so it makes sense to save up as much as you can beforehand.
- Make a list. Start thinking now about potential presents for your loved ones. Were there any ideas from last Christmas that you could use for this year? Keep the list handy, in your purse or diary, and when someone you know mentions a favourite treat or store, write it down. That way you can…
- Shop the sales. Use your handy list to shop for presents throughout the year, especially during sales. This will spread your costs and make them more manageable. Just make sure to be disciplined enough to pack them away – don’t be tempted to use them for birthdays or “just because” gifts.
- Remember your pantry. In the last few months before Christmas, don’t forget to start stocking up on non-perishables for all those holiday parties. See a brand of pretzel that you love on sale? Buy a few extra packets and stow them away. That way, when December arrives, you won’t find your grocery bill suddenly jumping sky high!
- Shop after Christmas. It may seem crazy to buy decorations 12 months in advance, but the markdowns on holiday items after Christmas can be more than 50%! Save some of your budget and shop for next year’s Christmas tree, decorations, wrapping and cards after the holiday season is over.By adopting even just one or two of these tips, you will be on your way to a very Merry Christmas… without all the budgeting and financial stress that usually comes with it.
Written by Emma Linton Doig, Practice Manager
We’d love to hear from you! To book a free consultation to impove your budgeting, or to get your Christmas debt under control, please book online or contact us on info@fortressfs.com.au
Fortress Financial Solutions founder Chris Black is an award-winning financial planner based in Toowoomba who specialises in superannuation, investing, business succession, cash flow management, retirement planning and personal insurances (including life insurance, income protection, total permanent disability and trauma insurance).
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