Often at this time of year our focus shifts from saving and investing to spending money on presents for our loved ones. This can often lead to a Christmas budget hangover which can take time to get over.
Some simple rules to follow when looking for that perfect gift.
- Keep to a budget. Once you start going over this for everyone this will certainly lead to a blowout.
- Look for bargains both online and instore. A lot of retailers are looking to lure people back to the shop with instore discounts that may reap considerable savings, and you can take your gifts home immediately.
- Be aware of interest-free options and buy now pay later, as these can result in Christmas spending affecting you long into the new year. These options can also affect your borrowing capacity when looking to borrow additional funds to invest or to purchase property.
- Look for meaningful gifts over the extravagant ones. A gift from the heart can be priceless.
- Plan ahead for next Christmas and budget through the year to have a stress-free Christmas in 2020.
Our desire to give may delay or even sometimes derail our future opportunities. Enjoy the time to spend with family, stay safe and we all hope for a prosperous 2020.