Posted 15 months ago
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Don’t look now, but it’s only 34 days until Christmas! You laugh now but trust us, it’ll be here before you know it! For all the joy, sharing, togetherness, holidays and celebration that comes with the season, there is the very real tension that comes with figuring out how we are going to pay for it all. Whether it’s travelling home to be with your family, figuring out how to fill all the kids’ stockings, or laying out a spread for the entire family, it’s no secret that the holidays can be a massive drain on your finances. The associated stress can take much of the shine off what should be an enjoyable and uplifting time of year.
If the approaching festivities have you feeling an impending sense of doom that goes beyond how to deal with your embarrassing uncle Bob, who likes to overdo it on the eggnog, climb on the table and launch into appalling Justin Bieber impersonations in his underwear, then read on. These financial 5 tips may just put the Ho, Ho, Ho back into your Holidays:
Presents of Mind
The pressure that we feel to buy can sometimes be oppressive. You know what I mean: rather than the good-natured expression of affection and appreciation, it turns into a blindly panicked attempt to keep up with the Joneses. Not only can searching for and purchasing something for every person you’ve ever met be a logistical and emotional nightmare, but it can also be a mini economic catastrophe. Here’s a little secret: you CAN opt out of the gifting rat race. Whittling down your gift list to just your nearest and dearest is emotionally, practically and financially one of the most liberating things you can do for yourself. Most of your regular recipients will be only too happy to have one less gift to think about as well, so it really is a win-win. Who needs another set of Blinky Bill themed tea towels from Great Aunt Bertha anyway? Now that you’ve made your life easier and cheaper, you can shave more cost away in numerous other ways, such as:
- Send E-cards only. Paper cards are SO last century, and you’re helping the environment along the way.
- Do you ever look at the paper that your gifts are lovingly wrapped in? No? Well, neither does anybody else. Don’t waste money on fancy wrapping paper, which you can get reams of the stuff at the $2 shop. While you’re at it, wrapping paper, ribbon and other paraphernalia are all heavily-reduced right after Christmas. So, buy up big and get a head start on savings for next year.
- Are you a dab hand in the kitchen, or blessed with some creative flair? Homegrown Christmas gifts can save you a packet and are often more welcome and meaningful than yet another thingamajig or Netflix voucher. Homemade truffles, cakes, pickles and preserves, or something delightfully crafty can be surprisingly simple and cost-effective.
Budgeting Brilliance
Before you’ve even hit the stores, however, one of the best things you can do to keep a lid on expenditure is to draw up a detailed budget and then stick to it like glue. Preparing a holiday budget is no different from drawing up a successful household budget. Firstly, carefully calculate how much disposable income you have to allocate to festive activities. Then, draw a full and detailed list of everything you need to purchase and assign funds accordingly. Don’t be afraid to cut corners where necessary. You’re better off doing more with less than going into costly debt.
If you have the wherewithal, this is the perfect time of year to think of ways to generate some extra cash that can be put towards defraying the holiday costs. From selling your excess stuff at a garage sale or online or picking up some casual retail work during the pre-holiday rush to AirTasker and Uber, options to rake in a bit of extra cash abound.
Where Credit is Due
Few things will bring you back to earth quicker after January 1st than a whopping, great credit card bill. Even worse are the not so friendly reminders from that payday lender you applied to in a moment of weakness. Unfortunately, you’re going to need significantly more than a hot water bottle and a couple of Berocca to recover from the Holiday Financial Hangover. Avoid this most unwanted “gift that keeps on giving” by staying out of debt in the first place. Traps to watch out for include:
- Deceptive convenience of credit cards in the mistaken belief that you’ll be easily able to pay them back.
- The seductive danger of Afterpay and other layby services that leave you struggling under the weight of multiple “easy monthly payments”.
- The mortal danger of predatory payday lenders that can rope the unsuspecting into a cycle of debt that can take years to resolve.
If you feel there is no choice but to access funds from a 3rd party, that’s where we come in. Speckle is a far safer and cheaper alternative to payday lenders and other potential sources of long-term financial pain.
Party Smart
Love it or hate it, the great family get together, or gathering of friends is an indispensable part of the festive season. If you’re the one hosting this year, you could be in for a rude shock when you tally up the costs. Fear not, however! It doesn’t have to be this way. Rather than put yourself through the torment of preparing everything yourself, outsourcing and streamlining will save your hide. We covered most of what you need to know in our recent piece about surviving the Spring Racing Carnival, so you can feel free to read it in detail there. However, to summarise, our top strategies include:
- Invite your guests to bring a dish to share
- Choosing an economical but delicious theme beverage rather than splashing out on an expensive array of drinks.
- Accepting offers for help whenever they arise
- Planning a cheap yet fun after-party, rather than ending up at a club
We’re a pretty talented bunch at Speckle, but we can’t take the stress entirely out of the festive period. However, putting into practice some or all of these strategies will definitely help you enjoy the silly season a little more and ensure that you end up waking up on January first with nothing more than the aftereffects of a night enjoyed to the fullest. Should you find yourself in need quick cash despite your best effort, Speckle can help you get the money you need quickly and without the crippling conditions and fees of other providers. For more information, contact Speckle today to see if our safe, low-cost loan is right for you.