For those of you struggling with debt, then this is for you! A debt-free Christmas is certainly possible. Christmas is only 2 months away, and we want you to have the best time ever. s
You might feel pressured to buy expensive presents and possibly travel to visit friends and family. You might struggle with this and run up even more debt.
Australians will spend more than a billion dollars per day for Christmas 2019. Staying debt-free is fundamental, but very few people will be. Careless spending will lead to a painful debt hangover that will last throughout 2020.
Follow our management strategies for handing your money, so that you’ll avoid digging a deeper hole. Let’s help you to improve your likelihood of a great (and hopefully zero debt) Christmas in 2019.
1. Begin saving early (Right now!)
Begin putting away some of your income into a specific savings account. Not an everyday account. Allow it to build some interest, and only access it when it comes to Christmas.
In addition to begin saving early, also consider purchasing presents early. There’s always some great pre-Christmas sales bargains to be found around October every year.
2. Set a budget and stick to it
You’ll have to be realistic. Don’t go under what you’ll know that you’ll need this Christmas. At the same time, you don’t have to go big either.
Understand what you can comfortably afford. For those parents with younger children, help them to understand expectations about what Father Christmas can actually bring this year. Older kids will understand a dollar limit.
Adults today are sometimes happy to discuss dire financial situations. Some of your adult family members are likely struggling just like you. A no-gift agreement can really help make it a debt-free Christmas for everyone.
Consider reusing previous things. Christmas tree is still OK? Don’t upgrade it. Got some left over wrapping paper? You probably don’t need any more just yet.
3. Consider the bills due around Christmas
Financial obligations don’t simply stop over the holiday season. You’ll need enough set aside to pay your utility bills, plus loan and credit card payments.
Also consider that some of these may land on public holidays. Banks often will direct debit on the last business day BEFORE the due date. Keep that in mind.
Some people in the community instead opt to make monthly repayments for utility bills every week over the year. This way, come Christmas time, there’s simply no bill-shock.
4. Use price comparison websites
It doesn’t matter what you’re preparing to buy. Simply jump on Google and look up the toy or gift you’re looking to buy, and compare prices.
There’s often some great deals out there. Plenty of gifts that won’t break the bank. There’s also Facebook groups where people sell their unused Christmas gifts from last year for half the retail price.
5. Create your own presents
Years ago this was really uncool. Today, thanks to Instagram and Pinterest, people love hand-made gifts!
Those gifts don’t need to be physical / retail items. Consider hand-made recipes. Can you make kombucha? What about Kimchi? Rum balls that last a long time? Certainly some great options.
Certainly, with this approach, your investment will be minimal. Perhaps the best tip here to live a debt-free Christmas in 2019.
6. Leave the credit card at home
Going into debt is to be 100% avoided at Christmas time. This isn’t the time to do it, despite the urges to impress everyone. Very much true if you’re already struggling with debt.
Spend only the amount you have available in your bank account. Considering also your current debt obligations.
7. Obtain good financial advice
If you’re struggling this Christmas, then get in touch. We’re happy to have a chat. We’ve helped thousands of Australians already.
We’re cool. You don’t have to spend anything with us. We’re friends. Our website is here to genuinely help you today. Let us help you make 2019 the best Christmas you’ve ever had, without the burdens of debt.