Christmas decorations and holiday fare seem to be making their way into the shops earlier every year. While you may not be quite ready to begin your Christmas shopping making financial plans at this time can lead to a much merrier holiday.
Every year thousands of Australians find themselves entering into credit debt in the final weeks before Christmas. This leads to a financial hangover that lasts a lot longer than the alcohol consumed on Christmas Day.
The best way to avoid this long Christmas hangover is to start planning now by putting some money aside for the extra expenses. Ideally, starting early in September or October is best so you can split the cost over a number of months.
According to Alex Parsons from RateCity, Australians spent around $8.5 billion in total on presents for Christmas. Parsons said that many people feel the pressure to buy more than they can afford, which is why they often resort to credit to cover costs.
