Compare
Budget Your Christmas Money and Enjoy a stress-free holiday!
Posted October 20th, 2009
and last modified December 2nd, 2009As the festive season nears we are all too aware of the extra financial expenses that we face. We love to give and also to celebrate with our loved ones, but if you take care with your Christmas money you will not only enjoy the time through the festive season, but you won’t have a financial hangover in January and beyond.
Credit card debt has become a major issue in Australian households. December is the biggest credit card spending time of the year but if you take care and plan how you will spend your Christmas money you have a much better chance of not suffering that post Christmas financial stress.
Unless you regularly have disposable income, overspending at Christmas can cost you dearly.
Tips for watching that Christmas money
- Assess your money situation and set a budget
- Set a dollar value that you can afford for each gift and stick to it
- Make some homemade gifts like handmade chocolates, chocolate ginger, craft gifts, scrapbook, a jar of cookies, a jar of lollies (sometimes the thought counts more than the value of the gift) instead of buying store bought gifts
- Start buying early so that you don’t have all the costs in December
- Find activities to share that cost no money, like a trip to the beach, a BBQ in the park, some bush walking and a picnic, as they will all help keep that budget under control
Dare to put on your credit card what you can pay off
- Try not to put anything on your credit card that you cannot pay off in January
- Pay off more than the monthly minimum each month
- Avoid late payment and over limit fees as these can be very expensive with some credit cards – pay a little towards your card each week and cover the monthly minimum in 4 installments so to speak and it will be a lot less painful and also those late payment fees won’t be charged
- Be careful not to go over your credit limit and end up with over limit fees and in fact you need to make sure that you have enough credit left for interest charges because if your interest takes your card over the credit limit most providers will charge the over limit fee
- Spread your repayments buy purchasing before and after your December statement date – this will help you get a bit longer to pay
- Don’t fall for the credit limit increases that get offered. If you do need more credit it may pay to look at a new card as there are cards on offer with very low interest at the moment and also balance transfers can be made with some very attractive interest rates. If you transfer a balance to gain from the low interest, reduce the credit limit on the old card or get rid of it if you can
Remember Christmas is a time for enjoying family and friends so manage your Christmas money and if it has to be a tight Christmas in 2009, I am sure you realise you are not alone, millions of people share the same situation this year.
Related posts:
- De-Stress: Three Stress-Free Tips To Deal With Credit Card Bills
- Avoid Christmas Debt By Planning In Advance
- Christmas Money-Saving Tips
- How To Avoid Overspending On Your Credit Card Over The Christmas Holidays
- How to avoid credit card debt this Christmas
- How To Survive Christmas With Your Card
- We Are On The Countdown So Plan Your Christmas Spending
Show Comment Form
Editor's Choice: Our Top Credit Cards
St George Vertigo
Low Interest
Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
Coles Group Source MasterCard
Bankwest Zero Platinum MasterCard
No Annual Fee
Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers