$100 Challenge: How we manage our dollars in the festive season

Yep, it’s that time again. When you’re cramming end of year celebrations in the diary and swiping your bank card left, right, and centre. On one hand, December brings the joy of celebration, but also the sizeable challenge of managing expenses. So, for our $100 Challenge this month, we got our thinking caps on and chatted about innovative and practical ways to save or earn extra money during this expensive time of year.

Our festive season savings tips:

1. Discount Dining with Apps: Bryce is using the app 'Eat Club' to discover discounts for restaurants in his area. If you’re using this, let us know! We want to hear if there’s some good savings to be found.

2. Loyalty Programs: Both of us are taking advantage of loyalty programs such as Woolworths Everyday Rewards and Flybuys. Of course we enjoy earning the points, but equally you can get some savings on food items. Another idea is to save your points all year to buy discounted gift cards as presents, next Christmas.

3. Just Plan Ahead: Make it a line item in your budget, and put $5, $10, $20 aside each pay check. Yes, it might not ‘cover’ the cost of everything you need to spend, but even a couple of hundred dollars might ease the pressure a little bit and can reduce last-minute financial stress.

4. Selling or regift: The end of the year is a perfect time to declutter. Sell items you no longer need online. Or, if you’re especially cheeky, regift something you don’t need on to someone else. (Just make sure it’s something someone would want of course.)

5. Set a limit & opt for Secret Santa: If you’re celebrating Christmas with the family, gift expenses can quickly become unmanageable. To limit this and make sure everyone is still able to participate, organise a Secret Santa within your family, and set a reasonable limit. This approach ensures everyone receives a gift without the pressure of buying for everyone.

6. Plan ahead for the sales: Budget, and plan ahead with your gift purchasing around sales events like Black Friday and Cyber Monday. Or maybe float the idea with the family that everyone exchanges gifts after boxing day, so you can take advantage of the sales. This might not be for every family, but could lead to significant savings on gifts.

7. Homemade Gifts: Personal and cost-effective, homemade gifts can be a thoughtful alternative to store-bought items. They add a personal touch and can be more appreciated.

   
   All that being said, it’s the time of year when the most valuable thing is time. Whether that’s time making memories with your family or friends, or time on your own resting and recuperating from a huge year, that’s something you can’t buy. From all of us at Equity Mates, we hope you have a fantastic festive season.

Money reset: 5 steps for 2024

Here’s something scary. There’s only 27 days until 2024. As we approach the new year, it’s a good time to give yourself the gift of a financial health check. (We know, not the most exciting gift, but a good one all the same!)

Here’s 5 things to do ahead of the new year:

1. Get the big picture: If you haven’t already, write up a spreadsheet, or use an online financial tool to calculate and assess your current debt levels, assets, and savings. It’ll show you where you’re at currently, and next year, when you do this exercise again, you’ll see how far you’ve come.

2. Reflect: Put time aside to look at how far you’ve come this year, and give yourself a pat on the back. Did you regularly invest a small and consistent amount? Did you address your impulse purchases? It doesn’t matter if it’s a small achievement, start by celebrating your successes first.

3. Revisit old goals: Did you make any financial goals at the start of the year? Now is the time to face them, see if any need to be adjusted, carried over, or changed for the new year.

4. Imagine new ones: Have a think and identify priorities for next year. You don’t need to limit yourself at this point. Just write down everything you’d like to achieve, and give yourself the space to mull it over.

5. Put a date in the diary for 2024: Rome wasn’t built in a day. You don’t need to get on top of your finances in one afternoon (though I guess, you can if you want.) Give yourself the space to mull it over for a couple of weeks - and put time aside early in January to develop a straightforward plan for the first six months.