Top tips to rein in the spending spree
Ahead of further rate rises, it’s important to ensure
excess Christmas spending does not impact
your ability to meet loan repayments. Meanwhile, those
looking to buy shouldn’t dig too far into their savings,
remembering most lenders now require at least
three months of genuine savings.
Avoid silly season spending with Mortgage Choice’s top tips:
Create a financial buffer throughout the year in preparation
for the summer holidays. By repaying your mortgage above
the required amount you will have more funds at your disposal, if need be.
Revisit your purchases from last year and make a list
of things that were not consumed, were left over or unused.
Then, create a well thought out, detailed shopping list before
you arrive at shopping centre, to save you time and money
spent on unnecessary items.
Set a budget for each relative’s and friend’s gift;
this might encourage you to shop for a better gift
rather than the first, possibly more expensive, thing you see.
Plan for the year ahead and budget for your
next summer holiday spending. Organise your repayment
strategy and increase your contributions when you can,
start preparing your new year budget and, based on this
year’s festivities, decide what you can cut back on for next year.
Simply stop and think… sometimes
a minute of consideration is enough to prevent impulse buys!
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