Christmas on a budget
It’s fair to say that we all want to be active players this upcoming Christmas – whether that be showering the grandkids in gifts, cooking up a storm in the kitchen, hosting the best Christmas dinner known to man, or even just spending time with the ones we love the most – all in the hopes of making this festive season one to remember.
And, without undermining the importance, we can often place too high an expectation and significance on just one day, which can easily lead us to overspend.
We live in a credit-driven consumer society with much of the marketing messages pounding at us on every corner painting a picture of ‘enjoy now and pay later’. And, the reality is most of us do pay later and for a long time to come…
Because of this many of us dread the lead up to Christmas as we scrounge together the funds to make it the special day society has told us we must. We throw out our budgets; chuck multiple items onto lay-buy that we just can’t afford, and put everything else onto the credit card just to get us through.
However, here are some ways with which you can cut costs and prepare for this Christmas season that won’t break the bank, without compromising on enjoying the festive season with family and friends.
Identify spending leakages
Much of our money stress comes from unnecessary spending! Whether it is treating yourself to a take-away coffee on the way to work or those weekly avocado on toast brunches at the local café – these types of indulgences add up quickly. And, while you may be telling yourself that it’s just a few little treats here and there, they could be the difference of a few hundred dollars in the bank when Christmas time rolls around.
By tracking your money, you’ll be able to identify areas where you can tighten the spending, save some money, and give yourself some breathing room as you start your Christmas prep.
Investing in ‘experience’ presents instead of buying ‘stuff’.
The media has the ability to influence our spending habits, throwing around lifestyle and consumer driven products with the message that you need ‘things’ to live a fulfilled life. Yet, how many of our fondest memories are ones that are shared with ‘things’? Instead of purchasing ‘stuff’ this year, advocate for experience based-presents that will long surpass the value of any materialistic item: a family holiday, trip to the zoo, an impromptu visit to an adventure park or even a skydive. Although they won’t completely replace your need for ‘things’, these types of memories will long surpass the value of ‘stuff’.
De-clutter and sell:
Although, we hate to admit it, most of us have unnecessary junk that’s been sitting in the shed or garage collecting dust for months now. And, while they seemed like a worthy investment at the time, everything has a shelf life. Why not make the most of this and sell off the things you don’t need or use. Not only is this a great way to recycle and make some extra money, but it will help de-clutter your life, which is a great way to reduce stress, especially in the lead up to Christmas.
Buying presents which accumulate value over time
We all want to feel like we’ve done our part in ‘giving’ this year. So why not make the most of this and put the money saved towards an investment that will gain value over time. So instead of spending hundreds of dollars on excessive food and presents this Christmas, why not put the money aside to purchase an investment, such as property.
Although this may seem ludacris at first, the money you’ve saved by cutting spending leakages could be all that is required to maintain a well-bought investment property, which could fund your kid’s education or your retirement in years to come.
Unless you make a conscious choice to be wiser with your buying and spending decisions, you might find yourself still in unnecessary debt long after Christmas is over. Just think, how great would it be to provide your family with the gift that keeps on giving and being a step closer to a financially secure future? Pretty priceless if you ask me…
While you won’t regret the things you didn’t buy, you will always remember the time you put a family investment under the Christmas tree.
By Marion Mays. Marion Mays is the founder and CEO of the Thalia Stanley Group, a wealth advocacy firm with an emphasis on using professional mentorship to help people (especially women) obtain greater financial literacy, build wealth and achieve their lifestyle goals. Marion is also a strong supporter of survivors of DV and those facing homelessness. www.thaliastanley.com.au
