By: Joni Boyd
Even though it comes around every year, Christmas catches most of us financially unprepared.
Christmas is on the way. Are you ready? Me neither.
It may come as no surprise that the advice of accountant Pete Burrows is to start budgeting 12 months in advance.
But what about those of us who haven’t done this, and just aren’t prepared?
Here are Pete’s top tips for having a (financially) stress-free Christmas this year:
Consider experience-based gifts
By giving experiences over physical items, we’re enhancing memories – and reducing waste. Spend some time thinking about what your loved ones would enjoy and do your research.
Local businesses often have great package deals or specials available around Christmas. Get creative!
Change your perspective on hospitality
Hospitality doesn’t have to break the bank. Focus on creating memorable experiences rather than expensive meals.
“Plan for experience over excess,” Pete says.
Make memories and think carefully about what would be truly meaningful. And above all, refuse to fall into the trap of competing with others and spending more than you can afford.
Change your perspective on gift giving (and receiving)
“A gift should be something you’re happy to give with no expectation of return,” Pete said.
By changing our focus from a monetary value to a more relational value, everyone wins.
In other words, have a good think about what the person might like to receive, figure out what your budget will allow, and think creatively about ways to make it happen.
“Price is what you pay, but value is what you get,” Pete said.
Remember what it’s all about it
Understanding the true spirit of Christmas and how generosity can be expressed in different ways, other than spending money, adds a richness that extravagance and expensive gestures lack.
Jesus was the ultimate gift when He came as a baby.
It was a generous, powerful, personal gift, that changed everything, for eternity.
That is what Christmas is all about.
Start planning for next year!
Now is the time to start planning and saving for next year. Take note of how much you spend this Christmas, and make sure you factor in any holiday travel and associated costs.
Once you have a final figure, divide it by 50 weeks. Set up an auto payment or savings plan and voila! You’re on your way.
Article supplied with thanks to Hope Media.
Feature image: Photo by micheile henderson on Unsplash
About the Author: Joni Boyd is a writer, based in the Hawkesbury Region of NSW. She is passionate about the power of stories shared, to transform lives.