Christmas cheer without financial fear

Words KATH ORMAN

Won’t it be wonderful to celebrate Christmas this year after all the challenges we have had during 2020? Please be careful not to max out your credit card and then spend the rest of 2021 paying it off. Make mindful purchases within your budget. I must admit I am a little bit guilty of buying a gift for someone and then getting another ‘little something’ to go with it; especially now I have a gorgeous little 3-year-old grandson.

While it may be a little late to save a big amount for this Christmas, it is a really good idea to set a budget for how much you want to spend on gifts, food, alcohol, trimmings etc. Let’s say you believe it will cost you a total of $1200. If you make a fresh start in January, you will need to put aside (in a bank account) $23.08 if you are paid weekly, $46.15 if you are paid fortnightly, or $100 per month if you are paid monthly. Then when Christmas 2021 arrives, you will have the cash set aside, and you will not be stressed or worried about paying for it all.

Now, find yourself a quiet spot, close your eyes and think about what you want to achieve in 2021. While taking an overseas trip may be off the table for a little time yet, we can still plan. Alternatively, there are amazing places in our own backyard that are just waiting to be explored and experienced. Perhaps you have other goals to save for, study to undertake, or you just want to feel in control of your own life. Have you been saying to yourself for a long time that maybe next week, month or year I will do something to sort out my financial situation? Be honest.

Realistically, the hardest part is making the decision to get some help and direction, and then taking the first step. At Goals & Dreams, our first appointment is obligation and cost-free. We look at where you are in life, where you want to be, and then work out financially how to help you get there.

I provide my clients with their homework list of what needs to be done, ready for their next appointment.

As you work through the list, you are making both a physical and emotional decision to take control and stop living payday to payday. Step out of the financial fog and take your power back.

One of the big things to consider is physically writing down what is on your wish list in life. What are your short, medium and long-term goals? What are your dreams – the things you have said, “One day, I would like to…”? Give yourself permission to plan for the future while also enjoying the journey and living your best life.

I look forward to seeing you in 2021. Stay safe and enjoy the festive season with family and friends.

KATH ORMAN is a Senior Financial Planner of her company Goals & Dreams Financial Planning Pty Ltd, which is an authorised representative of Charter Financial Planning Limited AFSL 234665. If you would like to know more email: kath.orman@goalsanddreams.com.au or phone: (07) 3350 9595.