With Australians predicted to spend $4 billion on presents alone this Christmas, the shops are in full festive frenzy, says personal finance educator Nicole Pedersen-McKinnon.
In this video, she interviews Brett Stene, principal and senior adviser Jacaranda Financial Planning, to discuss strategies for families to avoid a financial hangover come January.
Stene says too much of our Christmas shopping ends up on the credit cards.
“We end up at Christmas with about $4000 – each of us – on our credit cards,” he says. “So why don’t we think of Christmas as part of the spending process and evaluate ourselves on the 30th of June.”
If it’s too late for this year, they discuss how to make it your New Year resolution to get your finances in order for 2017.