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Christmas budgeting advice

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It’s easy to get carried away at Christmas. With so many gifts to buy, parties to go to and holidays to enjoy, you can end up spending a lot more than you expected.

The best way to not over spend is to plan in advance. Decide what you really want to give, eat and do, so that you can enjoy the holidays with less of a financial hangover.

Plan your presents
Decide how presents are going to work this year. There are lots of ways of taking the pressure off – like only buying for one family member each, secret santa arrangements, or spending caps on gifts for each other. Even with children you can tell them gifts are going to be smaller or fewer this year (It’s up to you whether you use this as an opportunity to teach them about money, or explain that Santa is concerned about the carbon footprint of hauling around such big gifts.)

Also have a think about what sort of gifts you want to give. There are plenty of alternatives to buying something expensive that will never be used. Popular options are making something – from jam, to sweets, to little herb gardens; giving gifts of time – babysitting, garden work, helping to clear out a shed; and re-gifting – perfect for surprise guests. Even if you do go for a traditional present, buy early to avoid buying something silly in a Christmas Eve shopping panic.

Plan your menu
Have you noticed that every time you go to the supermarket you come back with a lot more than you needed? Write a really good list before you go and do a big shop once. Then you can take advantage of your supermarket Christmas club or higher petrol discount offers. Not only will you avoid buying things you don’t need, you also won’t get that Christmas morning panic that you have forgotten something.

Budget for it
Even if you are planning to put some of your Christmas shopping on your credit card, having a budget will keep the spending in control. As well as presents and food, add in any costs for travelling, entertaining and special activities. Don’t forget you also have all the usual costs of rent, power and food. Have a look at what the interest rate is on your credit card, now might be a good time to switch to a lower rate. If you spend less at Christmas, you’ll start the year in a much better position.

You can find out how to make a budget at sorted.org.nz, or you can get personalised advice from a budget adviser on 0508 BUDGETLINE (0508 283 438).

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Written by Dey Lee, on 22-12-2011 23:28
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