Trust us, Flux fam. There ain’t no Panadol or Nurofen that can fix this one.
Your brain is pounding...the room is spinning...your heart is racing...yup, we’re talking about the dreaded hangover, folks.
But we’re not talking about your regular, run-of-the-mill hangover...we’re talking about something a little more painful: the financial hangover.
And trust us, Flux fam. There ain’t no Panadol or Nurofen that can fix this one.
A financial hangover happens when you spend a ‘lil too much over the holiday period, and you wake up in the New Year with a small bank balance...but a big bag of unwanted gifts.
No Auntie Helen, your toilet-spray-scented-candle isn’t going to adorn my bedroom shelf.
Like drinking a glass of water between each gin and tonic...making a budget is your #1 tool to steering clear of a financial hangover.
That means budgeting for:
The 50/30/20 budget rule says you should dedicate 50% of your after-tax income to entertainment, so try and keep the above categories within that 50%.
When you go grocery shopping without a list...you can run into trouble.
It’s the same deal with Christmas shopping. Always be prepared with a list for what gifts you need to get. By setting a list, you’ll already know how much the items cost, and whether they fit into your budget. And the bonus? You can be in and out - no need for dawdling!
Aussies have around $5,300 worth of unwanted items lying around at home. That’s more than enough cash to get you through the holiday period - and some leftover to kick off 2022 right.
So, have a look around. What do you have? An old iPhone? Some old gym weights? What about some home decor you’re not into anymore? Get on Gumtree or eBay, and start selling. It doesn’t take long - and it can help you clear out your house before it fills up again after present exchanges.
Credit cards, debit cards and buy now, pay later platforms making spending online simple (some would say...too simple)...And this can also lead to us spending more than we originally planned to.
So this year, go card-less. When you head to the shops, take out enough cash for what you need and ditch the card at home. That way, you can only spend what you’ve got, which eliminates the risk of overspending.
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