The festive season should be a time of joy and celebration, but for many, it is associated with financial stress. Whether you are spending money on gifts, Christmas parties, airfares, fuel to visit family and friends, or activities to entertain the kids, money always burns faster during this busy time of year.
There’s no doubt that this spending this year is expected to hit harder than most years, with Interest rates continuing to rise, the rental market becoming unaffordable, and prices for everyday essentials still on their way up.
So how can you start protecting your wallet in the lead-up to Christmas?
Choose cheaper alternatives
Christmas is all about bringing friends and family together. You should feel excited about spending time with your loved ones, not worried about the financial commitment.
Rather than cutting back on the number of activities that you get involved in or the number of gifts that you purchase, consider cheaper alternatives and more affordable brands. This is especially important when shopping for groceries, wrapping paper and cards. There are always cheap alternatives for these basic items. You’d be surprised at much you can save!
Rather than going out for dinner, consider a picnic as a way to keep costs low. There are plenty of ways to bring family and friends together without spending a small fortune.
Discuss new gifting options with friends and family
Most Aussies are feeling the impact of the cost of living pressures. Your nearest and dearest may also be thinking about ways to save, which means it may be time for some new traditions.
You could suggest a kris kringle rather than personalised gifts or even create a maximum spend for those who tend to go over. You’ll probably find that your friends and family are on the same page, and relieved to avoid the pressure of gifts. After all, the festive season is about being with your loved ones, not about the gifts that come along with the celebration.
Cancel subscriptions that don’t apply in the summer
Cutting back on spending is easier said than done during the busiest time of the year. However, there may be options for you to cut back on subscriptions. We all have subscriptions that automatically drain the bank account each month, but are all of them relevant over the summer period?
If you have a gym membership that will sit dormant while you’re on your summer break, remember to cancel it so that you’re not draining money for no reason. You may decide that you don’t need all four streaming services over the summer months when you are spending more time offline and more time outdoors.
Experiencing financial stress this festive season?
If you are still stressed about the upcoming festive season and looking for financial support, the APS team is here to help!