Veterans have dedicated their careers to defending our nation, often away from home, in challenging and highly technical roles.
The focus on national security means that for some, finances aren’t always a priority. The Royal Commission into Defence and Veteran Suicide reported 34% of veterans reported financial stress, struggling with bills, debt management, and saving.
In the lead-up to Christmas Bravery Trust, together with Omni, has released our Top Money Management tips to stay FINANCIALLY FIT this Christmas.
1 – Set a budget
Gifts, food, decorations, parties and more …. Christmas is called the silly season for a reason!
We can often be too busy to work out how we are actually going to pay for it all.
The first step is setting a budget. Research by Commonwealth Bank shows that 57% of people set a Christmas budget last year, and four out of five people stuck to it. This can help you keep control of your festive finances.
2 – Make a list and check it twice!
Avoid impulse buying. Make a list and stick to it.
Emotional and spontaneous purchases can lead to unhealthy financial purchases.
Easier said than done? We get it — Christmas is a high-energy time of year so why not channel that excitement into DIY decorations or presents, rather than buying more than you actually need.
Budgeting over Christmas doesn’t mean stripping all the joy out of Christmas but it certainly means heading into the New Year without a post-Christmas debt hangover.
3 – Minimise Credit Card purchases
Plastic is not so fantastic when it comes to Christmas shopping – use your credit card wisely and have a plan to pay it off.
A Christmas spend of $1,000 will take you a year to pay off if you pay $100 per month.
4 – Give the Gift of Time
Your presence instead of presents! We often forget that time is the most precious gift of all. Spending time with family and friends is more important than the latest trending gift and it’s free!
Or think about gifting your time for child minding or lawn mowing or other small tasks that you can complete as a gift.
After all the wrapping paper is gone and the cat has finished destroying the Christmas tree the one thing that remains is family, so don’t forget, money can’t replace the memories, laughter and fun we share with friends and family over the festive period.
Staying financially fit during these periods is more important than any lavish gift.
5 – Simplify the Christmas Menu
Make your Christmas gathering a true celebration of togetherness by sharing the load! Ask your guests to bring a dish to contribute to the feast. Not only does this add variety and excitement to the menu, but it also makes everyone feel involved in the festivities.
6 – Kris Kringle with a Twist
Reduce the cost but increase the fun!
Instead of buying gifts for everyone, try this Kris Kringle with a twist (also known as White Elephant Secret Santa).
You have no idea who you are buying for, an amount to spend is given and that’s it!
The gifts are all placed together, and guests draw out numbers from a hat. The person who draws 1 goes first and so on
When it is your turn, you can choose from the pile … OR … steal someone else’s gift! If your gift is stolen, you immediately choose a new gift from the pile.
We personally love these rules! It removes the pressure to buy the perfect gift for the person you have drawn and it’s easy to stick to the spending limit.
Here are some other Kris Kringle variations.
7 – Christmas Cash
A lot of kids get some cash at Christmas, which can also provide an opportunity to teach them about saving and budgeting. Teaching your kids to be financially fit will set them on a great path for the future.
It also helps gift-givers stick to an agreed budget.
8 – Know what financial assistance is available
Stay on top of your budget by double checking that you’re accessing all the concessions and support programs available to veteran families.
Click here for a list of state-by-state concessions to assist with utility bills, transport or medical expenses.
Or contact our veteran-specific financial counsellors for tailored support:
Call 1800 BRAVERY (1800 272 837)
Email ask@braverytrust.org.au
Request a call back or apply online
