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Money Saving Tips for Christmas

Article By Adam Camac | | Financial Planning

It’s December and Australians are gearing up for another festive season. According to Commonwealth Bank’s Christmas Spending Survey, on average each Australian plans to spend $955 over the holiday season. When it comes to how people pay for Christmas presents, the majority of people will use savings, however a staggering 40% of people will look to use credit cards or loans to fund some or all of these purchases; additionally almost 20% of those with credit card debt will take more than 6 months to repay these borrowings, frequently incurring high interest rate repayments.

ASIC’s Money Smart website has suggested many ways to save as part of Christmas, with some key points highlighted below:

Budget both for presents and entertainment

Whilst it sounds simple, the act of sitting down and creating a budget detailing who you’re buying for and an agreed spending amount is a key step to stop overspending and sticking to a goal.

Buy only what you need 

It can be easy to overestimate how much food you’ll need at Christmas, only to end up throwing some away or eating leftovers for days. The calculator on NSW EPA’s Love Food Hate Waste website can help you plan exactly how much food you will need for the number of people you are catering for.

Get Social with Christmas shopping

If you follow your favourite brands and retailers on social media, you may be able to get exclusive discounts through these social channels.

Grab your existing gift cards

Australians love gift cards and vouchers, but too many of us let the funds expire before we use them. Check the expiry date on any gift cards you still have credit on, and consider putting this money towards your Christmas costs. Every dollar of gift card credit you use means you’re spending one less dollar of your own money.

Click here to read the full list of 12 handy money saving tips, or contact your Altitude Adviser.

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