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festive season

The festive season should be a time filled with celebration and joy but recent studies show that 53% of people feel stressed about their finances during this time of year. This Christmas, in particular, is causing anxiety for so many Australians who don’t have enough money saved as a result of reduced work in 2020. So how can you prepare yourself financially?

Know your festive season budget 

It’s important to plan for the Christmas season with a budget in place. It can be easy to overspend when you don’t have a financial plan in place. Take into account money to spend on presents, food and decorations. Every dollar adds up! If you have a budget for your everyday finances, make sure you adjust what you need to, to ensure that your essentials are covered during the summer period.

Readjust your ‘other’ expenses

If you don’t have enough ‘buffer room’ in your budget, think about what you can cut down on during December to reduce the stress of Christmas spending. You might want to review your subscriptions, memberships or direct debits and think about what you can cancel that won’t have a major impact.

Track your spending

Now that you’ve made your budget, you need to stick to it. Remember to rack your expenses as you go. This way, you won’t be in a position where you are overspending and causing problems for the next month’s budget. You want to be starting 2021 feeling confident in your finances rather than having a financial hangover!

Download our FREE e-book

The team at APS Benefits Group have put together a free e-book: 5 steps to confidently grow your savings (even during a recession). Download your e-book now to start implementing easy strategies that will help you manage your money smarter. 

free ebook

Open a festive season Term Investment

If you continue to feel stressed every year when December rolls around, it might be worthwhile starting a Christmas savings account where you can earn high interest throughout the year. By setting up a Term Investment now, you will be saving your future self a lot of time and stress when the festive season rolls around next year. APS offer Term Investments with interest rates of up to 4.00% p.a. so that you have confidence in reaching your savings goals. Click here to learn more.

FREE E-BOOK5 steps to confidently grow your savings (even during a recession!)
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