Christmas is arguably the most exciting season of the year, not only for children but for most adults as well. However, along with the good cheer, the holidays bring so many expenses. As much as we all love Christmas parties, gifts, travels, decorations and groceries, it means spending some dollars.
So for this upcoming Christmas season, you need to set a holiday budget. Otherwise, this can get out of hand because all that is on top of holiday gifts. No wonder why many Australians sink further into debt during the holidays.
After the fun of December and Christmas is over, many of us are left facing a hefty bill in the January. It can be hard to avoid using credit to pay for the festive season but saving in the run up will help soften the blow in the upcoming New Year.
When creating budget for the upcoming holidays, starting saving as early as possible is so important. By setting a holiday budget and paying upfront, you avoid that post-holiday credit hangover. The earlier you start, the bigger your budget you’ll get. Moreover, these can strategies work with your long-term goal of building your savings by avoiding holiday debt.
One of the best starts when saving for the holidays is by setting up an account. You can have a part of your paycheck deposited into an account that is allocated for the holidays. Or, if you don’t get regular paychecks, set up an automatic transfer to the savings account.
Another thing you can do is by finding other sources of income for the holiday season. Keep in mind that holidays are the best times to make money. Why? Because people are busy during holidays though that it can be tough to make more money but everyone is busy, so there are more people willing to pay for your services.
For more on how to save for Christmas, check out this article from WA Today: https://www.watoday.com.au/money/planning-and-budgeting/seven-ways-to-save-money-this-christmas-tip-one-is-to-start-now-20181025-p50byj.html