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Christmas Joy - February Heartache
Christmas was traditionally the season of peace and goodwill.
Now it has become a mad, expensive orgy of gift buying.
Many consider it to be commercial, stressful and expensive.
I hope that you are celebrating Christmas in a style that suits with your financial
situation rather than going into debt to provide the biggest and best gifts for your family and friends.
Every year, the jingle bells of Christmas turn into a juggling of bills in February and March for many people.
Financial counsellors are inundated every year by people suffering with Christmas financial hangovers.
With the widespread availability of credit cards and the massive push by the retail sector for increased profits
over the Christmas period, there is significant pressure on people to spend up big. Many stores see Christmas
as a last chance to make good an otherwise bad year.
Stores use a variety of approaches in order to entice people to buy.
These include commendable tactics such as "luxury" stores offering gifts in low price ranges as well as less
consumer aware practices such as take-now pay later schemes. While increased sales are good for business, the
effect on over-committed consumers can be devastating.
A large proportion of the population do not save for the Christmas period, and many use credit as their
main means of purchasing. Consumers spend the most on gifts at Christmas and most spend between $100 and $500.
It is interesting that this amount is not significantly different for those on a low income.
Always let your financial institution know if you are having difficulties meeting payments.
It may be possible to organise reduced payments for a period of time, or help you reorganise
your finances so you can meet your commitments. You will be looked on more favourably for
taking responsibility and coming forward, than waiting for credit control to chase you.
Credit card interest charges compound so don't rely on minimum payments. If you do use credit
check your budget to see if you can afford to pay it back and not incur interest or too much
interest. Avoid credit if you can. Consider using alternatives to credit such as
cash, EFTPOS, debit cards and lay-by. Credit cards are one of the most expensive ways to borrow money.
If you spend $1,000 on a credit card, this debt could take you 13 years to pay off and cost about
$1,120 in interest. Assuming a minimum repayment of 2.5% and an annual interest rate of 18%.
And assuming you stop using the card.
Be aware of interest free periods on items and check the type of borrowing. If you can pay it
off in the time period with no interest. If you do not pay off in time the interest may go
back to the start and you will be paying at line of credit charges - it is like a credit
card and interest will compound.
SUMMARY OF CHRISTMAS SPENDING
- 70% of consumers do not save for the Christmas period
- 86% do their Christmas shopping during December
- 67% spend most on presents during that period
- 55% spend between $100 and $500 on presents
- 32% use credit as their main means of buying at Christmas
Financial Counselling
Families SA
If you are experiencing financial difficulties and require information or assistance about concessions,
emergency financial assistance or financial counselling services, Families SA can help.
16 - 18 Ann Street, Salisbury
Telephone: 8209 4910
Uniting Care Wesley - Adelaide
Lynay Centre
8 Pineridge Drive, Blakeview 5114
Telephone: 8284 0070
CHRISTMAS CLUB SAVINGS ACCOUNTS
Next year why not consider a Christmas Club Account with a bank or credit union.
A Christmas Club Account is a savings account designed to help you save for your Christmas and holiday expenses.
It has limited access options to encourage you to keep your money in the account.
To help you reach that goal, the money in your Christmas Club Account is only
available between 1 November and 31 January.
However, if you do wish to make a withdrawal from the account during the locked-in period, you will incur a fee.
Savings & Loans Christmas Club
Bendigo Bank Christmas Club
Australian Central Credit Union
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