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Boost your balance before Christmas

Boost your balance before Christmas

The countdown to Christmas is definitely well under way. But don’t fret, it’s not too late to start saving. If you’re keen to save up some extra funds and pile more presents under your Christmas tree, here are a few things you can do to squirrel away more cash for the festive season.

Out with the old, in with the new

Shopping is at its peak building up to Christmas, so it’s no surprise that it’s probably the best time to get rid of unused items you have laying around the house. That treadmill you’ve never used, or dining suite that no one sits at, post it on eBay or your local buy, swap or sell and make some money. There’s also the added benefit of cleaning out your home ready for the festivities that lay ahead!

Close your wallet

Make a deal with yourself to put a hold on, or cut down your spending for the next few weeks. Save yourself for the silly season and unless it’s a Christmas party, don’t plan any big nights out, or splurge on unnecessary items. You’ll be surprised how much you can save.

Shop credit card interest rates

Do you know your credit card interest rate? How much interest are you paying each month? If it’s been a while since you’ve researched the credit card market, now is a good time to seek out a better rate and save some extra cash.

Use your offset account

While you’re saving for Christmas put your money into an offset account to reduce the interest you are paying on your mortgage while the cash is at hand.

Don’t forget your frequent flyer points and loyalty cards

If you’re travelling interstate or overseas for Christmas this year, get that frequent flyer card out of your wallet! Check to see how many points you have accrued before you go ahead and book your trip.

Also, remember to use your store loyalty cards, a saving of 10% here, and 15% there can save you a lot of money.

Pack a lunchbox

While a sandwich or salad may not be as appealing as a meal from your local café, packing a lunch every day for work can save you money. Make extra dinner the night before and pack leftovers for work the next day. You could easily save $50 or more a week.

Avoid late payment fees

Christmas time can be a crazy time and you wouldn’t be alone if you forgot to pay a bill or two. Unfortunately late payment fees can be expensive, so avoid the penalties and set up direct debits so your bills come out automatically.

At Finance Detective we love helping people reduce their expenses so they can save more money. If you’d like to have a chat about your situation, please call us on  (08) 9289 7777.