CARDINIA residents are encouraged to take steps to avoid a financial hangover in the New Year, after the national retail trade hit $37 billion over Christmas last year.
Norm Kalcovski, regional executive for Retail Banking at National Australia Bank (NAB) in Melbourne’s Outer East, said consumers should create a budget and stick to it as they increased their spending during December.
“Spending responsibly over Christmas means you’re likely to avoid a financial hangover in the New Year,” he said.
“Families can still get the most out of this festive season while keeping their costs from blowing out, if they stick to a few simple rules,” he said.
1. Secret Santa/Kris Kringle
The most traditional and fun way to keep costs down is with a family present draw, where each person gets one gift from the group.
This reduces the number of gifts each person buys, while keeping the novelty alive.
2. Stop extra spending before Christmas
Make an effort to cut down on incidental expenses during December and you’ll find a little extra in your pocket for festive cheer.
Simple tasks such as ticking to the shopping list when at the supermarket will help in the long run.
3. Make a list and stick to it
Avoid impulse purchases by making a list of gift ideas with expected prices from catalogues and stick to it. If it’s not on the list, then don’t buy it.
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