07
August
2019

The Silly Season

Don’t be Silly in the Silly Season!

Personally, I always think of Melbourne Cup day as the start of the festive season. It seems that the Melbourne Cup functions are the first in a series of Christmas parties and end of year celebrations. It is a great time of year; it can also be an expensive time of year!

It is very easy to overspend during this period, and way too many people get themselves into financial trouble. Hopefully, many of you read my article last year and have already allocated funds throughout the year for this period of increased spending, and have your festive period kitty ready to go.  If you did, good work and enjoy! Obviously, you still need to be somewhat aware of what you are spending.

Increased spending over this period is inevitable, the key, as always, is to direct the increased spending to areas that add the most value.  Too much of our spending adds very little value to our lives. It may not be necessary to buy a new outfit for every one of the functions you are attending. I know my wife loves to get a spray tan and her hair and make-up done for an event, it makes her feel great and this adds value.  The difference is that she picks and chooses the events she goes “all out” for, while the others that aren’t as important, she does her own and hair and make-up.

For me, if I decide not to have a few drinks at some events and drive, I can really reduce the cost of a night by avoiding the need for a taxi or a hotel room. Other nights, I will let my hair down and celebrate.

Christmas presents can really add up to be expensive. For my family, we no longer buy everyone a present, we have a Kris Kringle; we buy and receive a single present, but it is high quality. This works out to be cheaper and better value than buying a large number of inexpensive and lower quality presents.

This is just a few examples of how to direct your spending to the things that are important to you, so you can still enjoy the festive season without breaking the bank to do so.

The thing we really want to avoid is racking up a credit card debt. Ideally, you have put some money aside specifically for this period or have some savings. If you haven’t and will be putting money on the credit card, at least plan in advance how you are going to pay it back.

Don’t let this enjoyable time of the year become an expensive millstone for the rest of the year.

Author; Alex McKenzie Categories: Future Financial Services Blog

About the Author

Alex McKenzie

Alex McKenzie

Owner at Future Financial Services

Past:

  • Paraplanner at Zammit Partners Investments
  • Unit Trust Administrator at Colonial First State

Education

  • University of Western Sydney
  • Penrith High

About

As a Financial Planner I help people to achieve what they would like in life. This involves helping you to identify the things in life they would like , developing plans to help achieve them and strategies to protect what you already have. We do this by providing Financial Advice to guide you through your life stages.

The financial planning process involves determining a clients current situation and financial objectives and tailoring strategies to assist in best achieving those objectives.

I am an expert in superannuation, investments and insurance, these are tools we use to help you achieve your goals.

I aim to use my knowledge of superannuation, taxation and Centrelink to efficiently use your assets and income to achieve your financial goals.

Retirement and pre-retirement planning, wealth creation, asset protection, insurance planning and estate planning are all areas of advice that I provide.

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