Tip of the Day 2 December 2009

Cath’s Top Tips for a Cash Christmas

1. Make a budget.
2. Start saving now - shop sales and lay-by, time is on your side.
3. Track your Christmas spending, just as you do regular spending. Keep track of how much you spend on presents, decorations, postage, food, clothes, parties etc.
4. Also the track savings i.e if you budget $10 for a gift, and find on sale for $8, that's a $2 saving. Put that money straight into your Emergency Fund.
5. Use cash - make it a priority to use cash for all your Christmas spending. Go to the ATM and make a cash withdrawal, don't use the credit card or eftpos, it's too easy to lose track of what you are spending. Having cash, you see exactly how much you've spent and how much you have left to spend. When it's gone, it's gone.
6. As you collect gifts, wrap and label them immediately. Then make a note on your gift list so you know where you've stashed it and mark it as finished.