Get on budget in the new year

The festive season is an expensive time of year. And, if you’ve overspent, you could really be feeling the pinch this month.

Plan your budget

Don’t let this out-of-pocket start be the beginning of your 2020 spending behaviour. It’s not too late to set a budget that includes realistic savings goals.

From gifts and groceries to travel and entertainment, expenses can seem endless. To prevent going overboard, make a list and be realistic.

Take time to plan for your year’s big-ticket items and figure out exactly what you need – and what you don’t. This will help you to lock-down a budget and keep you on track to reach your savings goals.

Do your research

Review your spending from the previous year to identify where you can make improvements for the next.

Online resources can help you compare prices, find discount codes and plan your shopping around key sale periods. Every dollar counts, so it helps to save them where you can.

Rethink the plastic

During the holidays, you may have turned to credit to help meet your extra financial responsibilities.

Some 32% of Kiwi’s are expected to have used credit cards to fund their festivities this year. It’s important to think about the lasting impact this could leave on your credit file, if not managed well.

Credit cards, payday loans and buy now, pay later schemes can come with sky-high interest rates so make sure you know what you’re getting into.

Help is available

If you’re struggling to keep up, a debt consolidation or personal loan may help to lighten the load by turning your debts into one, simple lower repayment.

For more budgeting tips or consolidation options, your local a Mike Pero Mortgage Adviser is here to help – so reach out today.