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With current and future interest rates on the rise, it could pay to mind your money this festive season. Making minor adjustments to everyday spending will help with the overall strain over the holiday period.

Here are our top 10 tips to mind your money this Christmas:

  1. Adjust your expectations of the ‘Perfect Christmas’ – if you’re one that envisions the ‘perfect Christmas there’s often a lot of spending that goes with that. Extra guests mean extra presents, extra catering and extra stress. Christmas is one day of the year, don’t bust your budget for it.
  2. Dial down on gift giving – this doesn’t mean going cold turkey on gift giving as a whole but rather making it about the kids or doing a Secret Santa instead with an allocated budget. Don’t feel obligated to buy presents for acquaintances, colleagues, extended family or all of your friends.
  3. Give back – if you’re someone that loves gift giving because of how it puts a smile on someone’s face, rather than buying materialistic things, give to a charity or family need. This is especially important this time of year.
  4. Keep track of discounts and sales – this can be done all year round. There are so many major sales throughout the year that when you see something marked down just grab it. That way, you’ll have a Christmas cupboard stash to lighten the load with last-minute shopping.
  5. Don’t go for the big brands – whether it’s food or presents, don’t focus on the big brands. Many people use this time of year to lash out and get the good stuff. Shift that mindset to find cheaper alternatives, dupes and lookalikes.
  6. Book travel in advance – the price of travelling, whether it’s flights, train tickets, accommodation or fuel, often skyrockets in the holidays. If you are planning on a family vay-cay try to book everything six to twelve months in advance to lock in early bird prices.
  7. Research online discount codes – shopping online can often save you money than purchasing the same thing in-store. The same discounts aren’t always offered in-store as they are online so remember to compare pricing.
  8. Make a shopping list and check it twice – this goes especially for food. It can be easy to slip extra food in the shopping cart for those ‘just in case’ situations. Be strict no yourself and don’t fall into temptation.
  9. Avoid maxing out the credit card and buy-now-pay-later – It may feel like using these options lighten the strain on your cashflow but all it does is prolong it. At the end of the day, you sill need to repay these purchases and it could affect your credit score.
  10. Nothing’s better than a homemade gift – there are so many side-hustles and small businesses these days so why not get crafy yourself? Take some time to make personalised gifts from home, whether it’s fancy jars of your Christmas cooking or a homemade scented candle.

Overall, avoid adding extra stress to an already inflated economy this Christmas. Everyone is experiencing similar situations so remember to set a budget and mind your money!

If you need any advice when it comes to managing repayments, refinancing or more please get in touch!

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