Six silly season saving tips
6 December 2019
Industry Super Fund-owned bank ME has simple tips to help you avoid a financial squeeze this Christmas.
1. Plan ahead
Decide who you’d like to buy a gift for, allocate a set sum, and then stick to your list to stay within your festive budget.
2. Give a group gift
Around 21 million unwanted gifts are handed out each Christmas. Rather than throwing money away on low value stocking-stuffers, get together with friends or family to buy a single quality gift and coordinate it through apps like Giftster.
3. Pocket a discount on gift cards
People use classified sites like Gumtree to offer unwanted gift cards at heavily reduced prices. Associations also offer discounts – National Seniors Australia offers a 10% saving on gift cards.
4. Save on festive fizz
Add some budget-friendly bubbly to your Christmas lunch by stocking up with online auctioneers like Grays Online, where a bottle of Veuve Clicquot can cost less than $50 compared to $65 through some retail outlets.
5. Earn cash for shopping
6. Plan how you’ll pay
Last year, Australians were lumbered with post-Christmas credit card debt averaging $1,863 per person. One in four cardholders said it could take 12 months to pay the balance off.
Plan your spending beforehand, aim to pay with cash, and only put purchases on a credit card that you can comfortably pay off before interest charges kick in.
Following these simple steps could help you avoid carrying the cost of Christmas well into the New Year, to head into 2020 with a clean financial slate.
This article is brought to you by ME. For more information, please visit www.mebank.com.au. Members Equity Bank Limited ABN 56 070 887 679 and Australian Credit Licence 229500.
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