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Elston Quarterly Portfolio Update Q2 2024
In this video, Portfolio Manager David Seager provides his perspective on the key questions discussed in the recent quarterly asset allocation meeting. Read more
8th December 2015 - Asset Management, Private Wealth
With the festive season upon us, and Christmas Day only weeks away, many are already feeling the seasonal pinch. With gifts to buy, stockings to fill, entertaining and catering outlays, and family holiday expectations, it’s no surprise that one of the happiest times of the year can also be the most expensive.
But with a little financial planning, you can throw yourself into the Christmas spirit without throwing yourself into debt. Read our tips to budget for Christmas and avoid the Christmas blow out:
Remember the budget you developed as the basis of your long-term financial strategy? Simply apply the same principle to your Christmas budget. Make a realistic assessment of your current finances and determine how much you can spend without affecting your other financial commitments.
Your budget should include all seasonal expenses – presents, food, travel costs, entertainment – right down to the smaller items such as cards, postage, crackers, decorations, and other incidentals. Check the total figure is within the budgetary parameters you set. If not, you may need to reassess some of your Christmas expenditure and reduce accordingly.
Don’t be an emotional shopper, or you’ll end up over spending. Think about who you need to buy gifts for and work out a ‘spend per head’ based on your Christmas budget. Once you have reached that limit, stop shopping, or you’ll be spending money you don’t have.
Consider your method of payment – will you use cash or credit card? There can be pros and cons with both. If you elect to use cash, simply withdraw the amount allocated in your budget and you can be confident you’re spending the exact amount. However, by using cash you may miss out on potential incentives, rewards or discounts that come with using your credit card.
Credit cards are also useful when it comes to online shopping, which can save you time and money (and the stress of busy shopping malls), with items and prices easily comparable across different retailer’s website.
Don’t fall into the trap of impulse shopping with your credit card, though. What might seem like just a few extra dollars here and there will soon add up and jeopardise your budget.
Christmas cards can be a big expense. There’s not only the cost of the cards to consider, but postage, along with the time cost of writing them out. While they may not be as personal as a physical greeting, consider emailing eCards instead. You’ll not only save a lot of money, but the environment will thank you too.
Don’t wait until the last minute to set your budget. When the last of the tinsel is packed away, start thinking about a financial plan for next Christmas. If you put a budget in place – even just a framework based on last year’s expenses – you can set up automatic direct debits into a designated ‘Christmas account.’ By the time December 25th rolls around again, you’ll be in a stress-free, debt-free position to enjoy Christmas exactly as you planned it.
The spirit of Christmas inspires many to give back to their community through charitable donations and philanthropic efforts. Consider allocating a portion of your budget to an organisation or fund that resonates with you and spreading the Christmas cheer.
Charitable donations are tax deductable as long as they are made to organisations that have the status of deductible gift recipients (DGRs). You can claim tax back on monetary donations of $2 or more, however for gifts of property there are different rules, depending on the type of property and its value.
For those who are thinking longer-term, Elston specialises in all arms of Philanthropy and can provide expert advice on utilising the correct fund as a tax-effective structure for your legacy.
Hopefully, by following our tips, you’ll not only survive Christmas debt-free, but will be motivated to carry your good budgeting habits into future years.
If you would like more tips about successful financial planning, check out our recent blog post ‘Top 10 Tips for Successful Financial Planning‘, or seize the reindeer by the horns and call 1300 ELSTON (357 866) or email info@elston.com.au and an adviser will be in touch.
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