Get financially fit for Xmas
Here are some tips to help avoid feeling financial stress this holiday season.
Plan ahead and put away a bit at a time.
Set yourself up to save a small amount of money or food each week to help with Christmas costs. It’s easy to open a separate savings account online (call it Xmas) with an automatic transfer after each pay day. Similarly, you can start buying some extra food treats and putting these away somewhere the kids (or your partner) can’t find them.Have an early and honest conversation about gifts and meals.
With the increased cost of living, it’s understandable that gifts or an extravagant meal may be less affordable this year. Talk with your family/whānau early about options to bring the cost down including kid’s presents only, affordable present budgets, and a secret Santa. If you’re hosting the main meal, you can still ask people to bring meal items.Your presence over presents.
Remember Christmas is all about people, and trimming the budget doesn’t mean you should sacrifice quality time with the people you love. Maybe try giving a homemade voucher as a present promising a bush walk, beach trip, family sports or anything else they would enjoy doing with you. Making gifts or decorations in advance with your children for the likes of aunties, uncles or grandparents can be rewarding for all (especially if it’s baking!).Make your gifts count.
When it comes to buying gifts for your own children, maybe focus on items they actually need anyway like clothes and shoes. You can jazz things up a bit with affordable surprises like chocolate hidden inside the gift.
This article is based on a longer article by CAP Budget Support that you can read here. If you are really feeling the financial pinch ahead of Christmas, then we recommend you contact CAP or MoneyTalks’ free helpline on 0800 345 123.