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10 tips for better financial wellness this Christmas
The lead-up to Christmas and the holiday period can have a significant impact on financial and holistic wellness, but there are ways we can look after ourselves, a financial adviser has suggested.

10 tips for better financial wellness this Christmas
The lead-up to Christmas and the holiday period can have a significant impact on financial and holistic wellness, but there are ways we can look after ourselves, a financial adviser has suggested.

In a blog post for nestegg’s sister platform Wellness Daily, Financial Advice Matters’ Darren Smith conceded that two in five Australian workers are financially stressed.
While there are many drivers of this, Mr Smith said that at Christmastime in particular, “retailers have fine-tuned the nudging of us to purchase now, and the positioning started many months ago”.
The festive season “is a period where there is significant pressure on the family budget”.
He added that when funded by credit, “we won’t feel the real anguish of this spending for several months”.
While the funding squeeze can come from self-imposed pressure to provide loved ones with impressive gifts, Mr Smith said it can also be a period where we overcompensate for the lack of time we have spent with some loved ones in the previous 12 months.
He noted that “an additional pressure comes from the little voice in our head”.
“We tell ourselves that we’ve had a really big year and worked extra hard, so we should reward ourselves with a special gift such as a widescreen TV or a holiday overseas. After all, we have earnt it, right?”
For the financial adviser, it’s a clear example of the constant tension we all face between the immediate gratification of wanting something now and waiting until we have the money on hand and paying later.
When it comes to financial management, Mr Smith said additional pressure comes from not doing the basics throughout the year and not having the discipline to make the hard decision and defer, so instead “we bend to the emotional sway of spending now”.
But the good news – it’s not too late to manage through this challenging period in terms of spending.
It’s why he’s offered up 10 “simple” steps to provide people with significant financial wellness improvement.
In saying that, Mr Smith conceded that “it does require focus and the ability for individuals and families to understand what is most important to them”.
10 tips to improve your financial wellness during the festive period
- Focus on time with family and friends, not the materialistic gift itself.
Our time is the most valuable gift we can give to others.
- Look at group membership discounts you may be entitled to.
Quite often, you can get up to 10 per cent off common gift cards that are purchased for gifts. This includes groups such as National Seniors and RACQ.
- When spending time with family and friends, focus on activities or venues where you can have fun but limit the cost.
For example, take advantage of the parks and beaches that we are blessed with in Australia.
- Have a set budget to limit spending during this period.
You can then manage this by tracking your spending.
- For the creative spirits, personalise a handmade gift.
It has so much meaning when people know you have dedicated time and effort for them.
- Take advantage of deals in the lead-up to Christmas, but ensure you are still sticking to the budget.
This is particularly relevant for things that can be stored for a period of time outside of the peak period.
- Pool resources between families and friends by sharing the cost that comes with family events.
Work together and agree what each person’s contribution will be.
- For the large families, pool resources where there are many family members in terms of gifts.
For example, one gift per child rather than each family purchasing individual gifts for everyone. Secret Santa between families is a great way of doing this.
- Review what you don’t use or don’t need and sell it to generate some additional cash.
- Review and keep close tabs on your other spending as there may be some opportunities to save.
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About the author


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