- March 13, 2019
- |Did you Know
1. Avoid Using Credit?
If you don't have the cash to pay for your Christmas goodies up-front, you might be tempted to use your credit card, or use a buy now pay later service. Although these are convenient ways to get the things you need now, that convenience can cost you dearly if you find yourself still saddled with Christmas debt well into 2019.
Before you sign up to a buy now pay later service, make sure you understand what the terms and conditions are, how much your repayments will be, and when they are due.
2. Avoid The Online Shopping Bug
If you're Christmas shopping online, look for ways to save every cent you can. Before you start, do a web search for discount or coupon codes that you can use at the checkout. Look in the sales sections of retailers' websites to see what's on offer.
If you know what items you are looking for, search for them online instead of just going to one retailer's website. You might find it much cheaper somewhere else.
Search online auction websites where you can 'bid' for items, including supplies you need for Christmas Day. Make sure you include any shipping costs when you are comparing prices. The cost of some items can blow out once you add shipping, meaning it might be better to simply go to a store to get the item. Or look for items or shopping days that have free shipping.
Things are often much cheaper online than in a store, but you do need to take extra precautions when shopping online.
3. Preparation versus Sporadic Shopping
Santa is always well-prepared and does his shopping on time, so why don't you? If you are going to shop in-store, consider these rules-of-thumb to reduce Christmas shopping stress and limit the temptation to over spend:
- Set a time limit on your shopping - Get in, get it done and get out so you aren't tempted to spend more than you want to.
- Shop at odd hours - Take advantage of extended trading hours and go when it's less crowded so you can choose carefully without having to jostle for space.
- Buy less expensive stuff first - If you buy larger and more costly items first you can lose perspective on what is a good price, so set your budget, buy small first, and then tackle the big stuff so you stick to your gift budget.
- Pre-pay - If you buy online, check if there's an option to pick up in-store. You'll save on freight, skip any lines, and there will be less temptation to buy more.
- Limit your shopping locations - Only go to shops that you need to visit so you don't get distracted and impulse buy.
4. Track your Money with ManageOurCard app
Keeping track of your festive spending is the best way to avoid going over your budget this Christmas.Use your Pinnacle Visa® Card, login to the ManageOurCard app to nominate a spending limit for different types of Christmas expenses and track your progress while you shop.
Experience a Angel on your shoulder.
5. Prepare for future Christmas Shopping
Once this Christmas is done and dusted, start planning ahead for next year! Here are some ideas to make sure you are set up for next Christmas:
- Start saving now - Open a high interest savings account in January and contribute a small amount to it every payday. Saving $35 per week will add up to over $2,000 in a year's time. Use ManageOurCard savings goals calculator to see how much you'll need to save each pay to reach your Christmas savings goal.
- Shop the sales - Shop for presents throughout the year, especially during sales. This will spread your costs and make them more manageable.
- Layby - Pre-plan larger gifts and layby them a few months ahead so you can pay them off over time.
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