The simple ways you can save $500 in the seven weeks before Christmas have been revealed, including making coffee at home instead of buying it and setting up an automatic direct debit before you have woken up.
Financial adviser Victoria Devine, from Melbourne, said if you want to pocket an extra $500 this silly season, you need to have a plan – as $500 equates to saving $10 a day or $71 a week.
‘The first way to start saving is you could set up automatic transfers from the account you get paid into to your savings account – either for $71 at the start of the week or $10 every morning (even before you wake up),’ Victoria outlined on Instagram.
The simple ways you can save $500 in the seven weeks before Christmas have been revealed by financial adviser Victoria Devine (pictured)
If this doesn’t work for you, the financial guru recommends trying to cut some daily costs in order to reach your goal.
For example, if you typically buy two takeaway coffees each day at work, then try swapping them out for two at-home brews.
Alternatively, you could work from home a little more in the run-up to Christmas, as this will cut out commuter costs and the little spends you make when you go into the office.
‘Shop online where you can,’ Victoria said in a podcast episode on festive spending.
‘You can make more educated decisions and make the most of discount codes.
‘You are also more likely to buy less as you don’t have that impulsiveness you get when you walk through Myer.’
If you plan to shop online, it’s important to do it sooner rather than later, and also keep an eye out for huge sales like Click Frenzy and Black Friday – where you can often score great discounts.
Victoria (pictured) said you could save the money by making coffee at home and setting up a $10 direct debit to go out of your account every single morning
‘One of the easiest ways to save money at Christmas time is to know your budget,’ Victoria said.
She recommends writing down exactly what you want to spend and negotiating with yourself so you don’t go over it, even by a cent.
‘All those little $20 presents really add up,’ she said.
‘You should never feel like you need to lean on credit or buy now pay later providers in order to buy your gifts, as they are an easy way to start next year in debt.’
The financial guru recommends that you set a budget before starting your Christmas shopping, and negotiate with yourself that you are going to fully stick to it (pictured)
It’s not just present giving where Christmas spending skyrockets, but socialising too. You could organise to meet a friend for a walk instead of drinks and dinner (Victoria pictured)
The seven ‘red flag’ habits costing you thousands every year
1. The ‘buy now, pay later’ trap
2. Mindless spending
3. Not investing and investing irresponsibly
4. Paying full price for items that are regularly discounted
5. Buying daily takeaway coffees
6. Leaving Christmas shopping until the last minute
7. Not bothering to ring around insurance, phone and utility providers for better deals
Source: She’s On The Money
It’s not just present buying where Christmas spending really spirals, Victoria explained, but socialising too.
In the runup to December, many people’s friends and family will suggest pricey dinners or drinks for a ‘pre-Christmas catchup’.
‘Say no to things here and there if you feel overwhelmed, and consider choosing free Christmass-y events instead of dinners,’ Victoria said.
Good examples include a walk around some Christmas markets or a drink and a look at the festive windows, or even a picnic with a friend instead of dinner.
‘If you and your partner have big shared goals that you’re working towards this year, there’s something really empowering about suggesting a no-spend Christmas.’ Victoria said.
‘Within a family, you can also do Secret Santa, so you end up buying one decent $80-$100 gift for someone that means something instead of countless pointless $20 items.’
Finally, if you’re hosting, you should never be afraid to ask people to bring their own plate, platter or booze, as even a cheeseboard really adds to the cost of the big day.
Speaking previously to FEMAIL, Victoria explained why she thinks you should have six bank accounts:
‘It’s very personal how many bank accounts you have, but personally I always suggest clients have at least six in their possession so they are able to keep on top of their budget and cashflow,’ Victoria told FEMAIL.
The six separate accounts include one called ‘the cash hub’, one for ‘food, fuel and fun’, an ’emergency fund’, a bank account for ‘short-term savings’, one for ‘long-term savings’ and another ’emergency fund’ for other last-minute situations.
‘The two most important of these account are the cash hub, so that you don’t mindlessly spend everything that comes into you account, and the emergency fund, so you’re not tempted to dip into it,’ Victoria said.
Victoria Devine is the author of the book She’s On The Money. For more information, please click here.
Read more at DailyMail.co.uk