December is right around the corner and, if you’re anything like us, you could have sworn it was January five minutes ago. But there’s no need to panic – a wise plan will set you up for the fun and the festivities. To get you on the right track, we’ve teamed up with MONEYME to find out ways to manage your money this season. MONEYME is a digital lender focused on helping Australians achieve their goals. Its Freestyle virtual card allows you to do just that by being ready to go as soon as you are approved. Fancy a party? Read on for four ways to manage your money as we head into silly season.
Make a plan, and follow it)
As spending season approaches, put your pen to paper and make a plan. Budget for day-to-day expenses as well as gifts, get-togethers, vacations, and your festive manicure, if you’re that way. Be realistic about what you can afford and where you might need to set limits or cut spending – you don’t have to say yes to every event. Make a list of everyone you’d like to give gifts to and put an amount you can afford next to each name. One of the surest ways to overspend is to wait until the last minute. This applies to buying gifts, booking getaways, putting together an outfit, and everything else that comes with the holiday season. Not only are you more likely to overspend, but it makes an already stressful time of year even more difficult. Our advice? Nab presents at the start of Black Friday sales and keeps an eye out for flight deals to put your dollars to work, literally.
Track your expenses
Once you’ve set your game plan and budget, keep yourself accountable by checking in regularly. By keeping tabs on your spending, you can see if you’re on the right track and identify areas where you could save your pennies. Go old-fashioned and highlight statements or eliminate the hassle with an expense tracker app. There are several categories to choose from, with most automatically categorizing your transactions and providing a summary of your expenses, such as groceries, restaurants, and entertainment. As Christmas approaches, your regular budget checks are also a great time to reference your gift list. If you go over the assigned dollar figures, be prepared to adjust what you spend on your remaining gifts…or see below!
Get fast rewards when you need to spend big
Spending money during the holiday season is unavoidable. There’s joy in giving thoughtful gifts to loved ones and it’s, of course, the season for eating, drinking and having fun. Take note of the savvy ideas above, and if you’re spending money, consider getting more bang for your buck with a card that offers rewards. MONEYME is a digital lender focused on helping Australians achieve their goals. MONEYME offers a Freestyle virtual credit card that gives you up to 40% cashback when you shop at over 2000 participating stores
Retailers include must-have favourites, such as The Iconic, Myer, Apple and even Woolies. Best of all, they won’t leave you hanging around: your credit will appear in your account within days. Learn more about MONEYME Freestyle here.
To show creativity
This is where the magic happens. There are countless ways to get creative with the party, the gifts and everything in between. While we love a good night out, that doesn’t have to be the default. Host a cocktail party at home and invite your guests to channel their inner mixologist by each preparing a round. For events, rent or borrow your outfit – a win for your wallet and a win against fast fashion. Toss around the idea of having a Secret Santa in your family, group of friends, or workplace to cut down on gifts. You can even assign a theme to the swap, like homemade, local, or novelty mugs. Alternatively, join forces – or should we say join wallets – by gifting together. The combined budget makes it possible to have a plus of quality, considered as present. Often the old saying “your presence is your present” rings true. Give the gift of time with a “voucher” for a night of babysitting, a home-cooked meal, or an arvo to help your grandma with her tech problems.
Editor’s note: This article is sponsored by MONEYME and proudly endorsed by The Urban List. To learn more about who we work with and why, read our editorial policy here. MoneyMe Financial Group Pty Ltd ACN 163 961 236 holds Australian Credit License Number 442218.