With the Christmas shopping period in full swing, South Australians are reminded to spend within their means to help avoid a financial hangover in the New Year.
SA NAB Retail General Manager Gregg Harris said with South Australian shoppers are tipped to spend almost $3 billion over the traditional Christmas trading period, it is important to plan carefully and budget.
“Generosity is part of what makes this time of year so special,” he said.
“We all enjoy giving presents to loved ones and celebrating together, however, buying presents and catering for family gatherings can all add up.
“Budgeting, planning and taking advantage of sales can go a long way to making Christmas an enjoyable and affordable occasion which places less stress on the household finances.”
Mr Harris lists these handy tips to help shoppers in the lead up to the festive season;
- Planning ahead – “Lists really come to the fore at Christmas time. Identifying everyone you want to buy for and the present they would like will help you shop around for the best value. Try not to be tempted to buy anything outside the list, as impulse purchases can add up.”
- Budget – “Making a detailed and realistic budget for Christmas can help you keep track of your spending. This budget can not only take into account presents, but any associated costs with catering for family gatherings.”
- Use credit card responsibly – “If you plan to use a credit card look to one that is best suited to your repayment habits. Some cards can also offer interest-free periods for large purchases and it’s always prudent to pay the closing balance in full by the due date.”
- Seeking sales – “Many retailers have sales leading up into Christmas which can provide real savings for shoppers. Planning ahead and shopping early can help you avoid last minute impulse purchases which may not be on sale.”
- Kris Kringle – “Kris Kringle-style gifting is an increasingly popular way for families and work colleagues to share in the Christmas spirit while limiting the number of present purchases. By agreeing to a reasonable dollar limit everyone can receive a substantial gift.”
- Online shopping – “Online shopping is always popular at this time of year. There can be extra website charges, such as shipping, handling and delivery of the item, and possibly international transaction fees on some credit cards, of which to be aware.”
- Christmas savings accounts – “Many people run Christmas savings accounts during the year so that when the festive season comes around they have a pool of funds already built up. This is a great way to reduce some of the stress on household cash flow at Christmas time.”
Find out more about NAB and their tips for Christmas here.