Festive splash not necessary
It may be better to give than receive, but nearly 70 per cent of New Zealanders plan to spend less this Christmas than they did last year.
In a recent survey by online financial guide Sorted, 68 per cent of respondents hoped to keep costs down by spending less on presents, food and holidays than during the previous festive season.
Just 24 per cent intended to spend more.
Retirement Commissioner Diana Crossan said overspending was common at Christmas, with many people going into debt as a result of getting carried away with their own generosity.
‘‘No one wants those close to them to get into dumb debt for the sake of a lavish dinner, expensive gifts or a holiday.
‘‘The best idea is to design your own Christmas money plan, including what you’re going to spend on gifts and for whom, and ask everyone to pitch in for meals.
‘‘Then, share your plan with your friends and family so everyone has the same expectations,’’ she said.
Are you resorting to pulling out the plastic to pay for presents and treats this year?
Put your credit cards away and check out these ideas from Sorted.org.nz to avoid a dumb debt hangover.
Plan your spending
Work out how much you have to spend, then divide it up between gifts, decorations, entertaining, travel and holiday costs.
Food, glorious food
Christmas meals don’t need to be complicated to be memorable. Keep it simple with seasonal, locally produced ingredients and get everyone to pitch in.
It’s the thought that counts
Work out a gift strategy with friends and family before you go shopping. You could agree on a spending limit, or just buy presents for kids.
Remember that the more thought you put into a present, the less people think about what it might have cost. An album filled with photographs or some delicious home baking will mean a lot. For more tips visit sorted.org.nz.
SPEND WISELY: Don’t stretch the budget too far this Christmas.