Money at Christmas (Generosity on a Budget)
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How can early preparation reduce Christmas spending stress?
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Welcome to the Australian Finance Podcast, a podcast for people who want to learn more about their personal finances and get the most from their money. This series is hosted by Kate Campbell from HowToMoney and Owen Raskovich from Rask Finance.
The Australian Finance Podcast is provided for educational purposes only. The information is general in nature and does not take into account your needs, goals or objectives. What that means is the information does not apply to you specifically. So consider getting the advice of a licensed and trusted professional before acting on the information. Kate, welcome to this special episode where we talk Christmas and spending money. Our favourite time of the year. Yes, it is. And it's probably not the best time of the year for your wallet unless you've been very diligent and set a plan in advance. We're in the final hours. The countdown to Christmas is real and people are probably stressing about money and ways to save and what have you.
So we thought we'd add our two cents. The Maya window's already up, so we're well and truly in the festive season. Yeah, right. I remember going to Bunnings. I reckon it would have been like four or five months ago, and I reckon now we're already preparing. So as soon as Easter's done... The mince pies turn up pretty early in about October. Yeah, don't they? In supermarkets, so... Yeah, cool. So we figured in this episode, we might just share some ideas from both sides of the ledger. So like making a little bit more money, but also how to save money at Christmas and how to do it right, I guess. And not go into crazy debt at Christmas. Yes. And that's one thing we wanted to kick off the episode with is just some scary facts from Finder.
So the comparison site, they did some research not too long ago, I think maybe a couple of years ago now. And they found that 36% of Aussies use credit cards to pay for presents. It's pretty alarming. And they're often still paying that Christmas debt off a year later. Ouch. 4% use personal loans. That's pretty scary. Yeah. One thing that isn't captured in this mini research is payday loans, which in my mind are kind of like the nastiest loans, the worst kind. Fortunately, 75% of people, maybe some people use savings and credit cards, but 75% of people use savings to pay for presents. And that's great. Yeah, that's ideal, right? Yeah. But I think this study was done before we had the wonders that be Afterpay, Zip and all these Buy Now, Pay Later apps.
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Chapters
4 chapters
1
How can early preparation reduce Christmas spending stress?
0:00–12:38
2
What are the alarming statistics about Christmas debt in Australia?
12:38–24:33
3
What are some creative gift ideas for those who have everything?
24:33–29:51
4
How can you make extra money during the holiday season?
29:51–35:45
Speakers
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