Updated: Jun 7
Special thanks to Bec Box for this weekly reminder suggestion!
00:00:00:06 - 00:00:00:37
00:00:00:37 - 00:00:02:36
This week, we're going to be talking to you
00:00:02:36 - 00:00:05:00
about how to budget
during the festive season.
00:00:05:02 - 00:00:09:37
Disclaimer we’re no financial adviser
but here are just some tips and tricks
00:00:09:37 - 00:00:12:33
that we'll be using ourselves to help
00:00:12:39 - 00:00:15:34
make the most out of the presents
that we are buying for our loved ones
00:00:15:34 - 00:00:16:25
00:00:16:25 - 00:00:21:16
So first one every single year, no
matter what, I always speak to my partner
00:00:21:16 - 00:00:24:15
and ask, How much do you want
to spend on each other this year?
00:00:24:28 - 00:00:28:38
Alessia and I have already done this
and we've agreed to a spending limit.
00:00:28:38 - 00:00:32:06
And what that means is
sometimes when you love someone,
00:00:32:06 - 00:00:34:38
you can go
and spend all your money on them.
00:00:35:18 - 00:00:38:15
But we want to be respectful
of each other's finances
00:00:38:24 - 00:00:42:33
and we've set a limit this year
so we won't spend more than $150 each.
00:00:42:46 - 00:00:44:30
And that means we can buy something
00:00:44:30 - 00:00:47:32
that's like similar value
so one person doesn't feel bad.
00:00:47:32 - 00:00:48:48
So we recommend obviously
00:00:48:48 - 00:00:52:35
speaking to your partner or whoever
it is in your life about this early.
00:00:52:46 - 00:00:56:41
Just because people stop buying
Christmas presents as early as October.
00:00:56:41 - 00:01:00:34
Yeah, something that I really like
to think about when purchasing gifts
00:01:00:34 - 00:01:02:32
for the holiday season is thinking
00:01:02:32 - 00:01:06:21
about what the person expects versus
what I can afford.
00:01:06:31 - 00:01:09:49
So for example, say my mum said, I really,
00:01:09:49 - 00:01:12:46
really want this
Coco Chanel perfume, right?
00:01:13:04 - 00:01:13:46
But unfortunately I'm
00:01:13:46 - 00:01:17:20
just not in the financial position
to buy the entire perfume out.
00:01:17:20 - 00:01:18:25
Right. For her.
00:01:18:25 - 00:01:22:19
I can say to her something along the lines
of I can't really afford the perfume
00:01:22:19 - 00:01:25:31
right now, but I would love to put money
towards it as a Christmas gift for you.
00:01:25:31 - 00:01:28:29
Yeah. So does this mean
you won't be getting my Tesla?
00:01:28:29 - 00:01:31:25
I'm happy to put $150 towards it, but
00:01:32:24 - 00:01:33:48
I can't really afford that right now.
00:01:33:48 - 00:01:37:29
So we know that sometimes giving people
money can feel a little bit impersonal,
00:01:37:35 - 00:01:41:12
but when there's a conversation around it
that tells the person,
00:01:41:12 - 00:01:44:06
I want this to go towards
the thing that you really want,
00:01:44:17 - 00:01:47:15
rather than buying them
something that they will never use
00:01:47:15 - 00:01:50:26
or never see, the light of day again
is so much better.
00:01:50:29 - 00:01:54:24
A third tip would be to do some research
and try and buy the presents earlier
00:01:54:24 - 00:01:55:26
rather than later.
00:01:55:26 - 00:01:59:02
Usually prices tend to skyrocket
the closer you get to Christmas.
00:01:59:02 - 00:02:02:06
I definitely encourage you guys
to look at some of the Black Friday deals
00:02:02:06 - 00:02:05:20
and see if you can get some presents
that are severely discounted.
00:02:05:26 - 00:02:09:12
Doing your research is super important
because sometimes you can find the exact
00:02:09:12 - 00:02:12:15
same thing just for a cheaper price
at a different store.
00:02:12:16 - 00:02:13:44
you want to start looking early
00:02:13:44 - 00:02:15:40
is because whenever you shop last minute,
00:02:15:40 - 00:02:16:19
that's when you're
00:02:16:19 - 00:02:20:09
willing to compromise the most money
because the thought process is,
00:02:20:21 - 00:02:21:34
Oh, I just need it.
00:02:21:34 - 00:02:25:19
So you'll spend the extra 50 to $100
because you need it then.
00:02:25:19 - 00:02:29:29
And then lastly, don't discount
how special and thoughtful
00:02:29:30 - 00:02:33:43
handmade gifts are doing a DIY
project at home with a few things
00:02:33:43 - 00:02:35:08
that you found at Kmart
00:02:35:08 - 00:02:38:36
can sometimes mean so much more than
spending thousands of dollars on someone.
00:02:38:41 - 00:02:42:09
I usually like to just take a little bit
more time with a card
00:02:42:09 - 00:02:45:07
and write out like all the things I love
about the person
00:02:45:22 - 00:02:48:28
and no matter what I give them in a gift
that is the main thing
00:02:48:28 - 00:02:51:25
that people remember. People
remember what you said about them.
00:02:51:25 - 00:02:55:19
So do something nice for someone that you
love this. Year and we hope this helps.
00:02:55:19 - 00:02:56:36
If you have any other budgeting
00:02:56:36 - 00:02:59:38
tips, share them in the comments below
because I'm sure everyone
00:02:59:38 - 00:03:01:02
could make use of them.
00:03:01:02 - 00:03:02:11
Have a great week, team.
00:03:02:11 - 00:03:03:37
Holiday season is approaching and you know what that means…
Time for us to break the bank on cute little Christmas ornaments and spend our life savings buying Kris Kringle for our office workmates, gifts for our partners, parents, family, friends…. Oh and we can’t forget our cousins-brothers-uncles-daughter… 😅
Somehow the holiday that is supposed to bring so much joy, can sometimes drain the life (and $$) from us!
Not this year though…
This year, we have a plan!
Here are our top tips for how we budget during the festive season and still deliver killer gifts:
Speak to loved ones about ‘spending limits’ This helps to stop excessive spending and can be any limit you want! I’ve done small limits before of $50 and have gone up to $500. It just depends on you and the other person's financial situation at the time. Be transparent and honest when having this conversion to come to a sweet spot for both of you! Alessia and I do this every year to ensure one person isn’t spending too much more than the other. It stops that guilty feeling of “oh, they spent so much on me… my gift for them isn't even that good”. P.s. the smaller the budget the more creative you will need to get which encourages more thoughtful gifts!
Setting expectations If the ‘spending limits’ wouldn't work for you/your family, an alternative approach is this. Ask your loved ones for some gift options and see if you can find a middle ground between what they want and what you can afford. If they want something out of your budget, let them know you would love to put X amount of money towards that purchase, but can’t afford to get them the whole thing. Now you know the money you give them is going towards something they really want. Woohoo!
Don’t let guilt influence your purchases Before you walk into the shops, it’s good to have an idea of what you want to spend on each particular person you are buying for. Don’t cave into the inner talk about what you should get them based-off previous birthdays, and celebrations. Take the pressure off and just work with what you can afford right now!
Start early & do some planning! The closer you wait to start your shopping to Christmas the more stressed out you will be. That’s just a fact! It’s harder to find items and sizes you want, shops are packed with people, and items are marked up to be even more expensive than usual. If you know what you are looking for, shop around for the best priced deals and even order online. We recommend buying some gifts during the Black Friday/Cyber Monday sales. But be sure to do your research beforehand to make sure you are actually saving money (some brands increase their price during this ‘sale period’). If you leave things to the last minute that's when you are more willing to compromise and spend more money, so do your bank a favour and start earlyyyy.
Don’t underestimate the power of hand made gifts I think everyone would agree that thoughtful gifts are the best. If you don’t have any budget to work with, create a cute card from scratch and write something nice! It’s really that simple.
Let us know in the comments how you budget for the festive season!
Happy Holiday Shopping Team!! 🛍