Set a budget to keep control of Christmas costs
The rising cost of living is putting more pressure on Queensland household budgets in the leadup to Christmas.
RACQ Group Executive Banking Michelle Winzer said the holiday season should be a happy time with family and friends and encouraged Queenslanders to think about their finances.
“It’s been a tough year for many people with the cost of food, fuel, and electricity increasing substantially,” Ms Winzer said.
“We know this is the time of year when we get swept up in the spirit of giving and start spending beyond our means.
“Gifts, decorations, transport, accommodation, and food can add up quickly, and you end up spending more than you can afford.”
Ms Winzer recommended families set a holiday season budget to help control costs.
“Look at ways you can reduce costs like setting a price limit on gifts, doing Secret Santa or each family member bringing a dish to Christmas lunch,” she said.
“There are also plenty of sales coming up which are a great opportunity to buy the items on your list early.”
Ms Winzer said it was also important to be mindful about the use of credit cards or buy now pay later services as this debt may cause future stress in the new year.
“You may also want to check your finances and find quick ways to save money such as reviewing forgotten subscriptions or foregoing discretionary items like food delivery services.”
Ms Winzer said help was available for RACQ members who were experiencing financial hardship.
“We urge anyone who is feeling overwhelmed by their finances not to suffer in silence and to reach out,” Ms Winzer said
“The earlier we’re contacted, the sooner we can find ways to help whether that be fast-tracking financial hardship requests or providing assistance and flexibility with payment options.”
Christmas budget tips
- Make lists of what you need to buy and the food you need to prepare during the festive season. Having lists will help you plan your spending and keep you on track.
- Keeping track of your festive spending is the best way to avoid going over your budget. Use an app, write it down or keep track through online banking.
- Avoid putting purchases on credit cards.
- Shop around for the best prices for items on your list. Some stores match or beat competitors' deals, so take all the details with you when you go into the store.
- Start planning now for next Christmas.
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.
More articles
Related topics
-
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.