November 23, 2015
Be debt free this Christmas season
With our 5 tips to keep your finances in check these holidays
Christmas is such an enjoyable and fun-filled time of the year, however for many, the costs that surround this time of the year can cause a lot of stress and panic.
To help keep your stress levels low this Christmas, I've put together a few simple things you can do to help manage your debts and limit your stress levels:
1. Start budgeting now
The countdown to Christmas is on - only five weeks away. Start working out how much you can afford to save each week between now and then to cover the cost of presents, food, entertaining and travel expenses during this festive period. Setting yourself a budget is a great first step to see how much you can afford to spend.
2. Keep this Christmas credit free
It's important to stick to your budget and not get carried away. Make sure this Christmas doesn't break the bank - if you can't afford something, don't buy it. If you are feeling particularly overwhelmed by a few of your credit cards that you never manage to fully pay off, just focus on paying off your expensive debts one at a time. But it's important not to forget to at least pay the minimum amount on all of your current debts to avoid any additional charges and fees.
3. Have a clear purchase plan
Make a plan of the gifts you wish to buy for each family member and friend before you hit the shops. With a plan in place, you can shop around, compare prices and decide which stores to visit before you start purchasing. Shopping with a clear purchase plan will also help to limit any unnecessary expenses or purchases.
4. Consolidate your debts
Consolidating your debts into your existing mortgage can help minimise the amount of interest you are paying. It could also make your financial situation more manageable. Speak to us today on (08) 8178 0700 to find out how you can start consolidating your debts.
5. Review your lender with a Free Home Loan Health Check
Another way to potentially boost your Christmas savings with some extra money and help you manage the costs, is to review your lender. If you have been with your current lender for a few years, then it's likely you could be on a more competitive home loan deal. With interest rates at record lows, banks are becomely intensely competitive. Not only are some banks offering incentives if you switch - such as $100 into your savings account - but they also have high interest savings accounts, so you could be earning more money on the funds in your savings account.
If you'd like to book in your Free Home Loan Health Check, send me an email or give me a call at Mortgage Choice in Blackwood & Happy Valley on (08) 8178 0700. Let's start discussing your options and see how you could save this Christmas season!
Charlotte Gray, Loans Consultant
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