Now that Christmas is over and the parties have died down, many people will return to work and start thinking about the year ahead. But for Australia’s avid shoppers, there is still quite some spending to be done. According to the Australian Retailers Association, shoppers aged 14 and over nationwide are expected to spend $850 per person over the period that stretches until January 15!
The holiday spending can be a real drain on your savings, especially if you are already paying off a home loan or looking to take one out. So with this in mind, here are some tips to handle your summer budget a little more effectively.
Hedge the bets – on your savings
The Australian Institute of Family Services noted in November 2014 that sports betting in families was becoming more of a problem, with one in seven adults taking part in the activity. This may be particularly relevant during the summer as more free time opens up opportunities to get involved in summer sports.
While this is a serious problem, even the casual partaker could think about putting that money into a savings account instead – much safer, and with guaranteed returns through interest. Think of it as saving on your future home.
Look at your statements
It’s something we are often loath to do, but looking at your financial statements can be a sobering reminder of where that holiday spending goes. But moving forward from that, it also shows you where to save. If you are spending small amounts every day on coffee, consider addressing this by making it at home, or cutting it altogether. Checking your statements may seem daunting but the better you know your spending, the easier it will be for you to save!
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!