‘Tis the season to be….. spending money and don’t the retailers just know it. Every shop, both online and in the street is promising you a good Christmas – at a price.

But Christmas needn’t be filled with expensive excesses – it can be used as a great opportunity to start saving for your investment property.

If you are serious about investing in property next year, enjoy the festive season, start managing your finances and changing your mind set towards good fiscal living.

Make a list and check it twice

Many retailers rely on impulse buying. This time of year, you’re bombarded with ideas for Christmas presents and items you must have. Set a budget for the present buying, make a list, (check it twice) and most importantly, stick to it.

Don’t go mad with your Christmas shopping either; friends and relatives will not expect expensive presents if you say you’re saving for a property.

If you are given money as a Christmas present, put it into a savings account immediately. That way you won’t be tempted to spend it.

Find the best bargains in January

No, we’re not talking about going to the traditional January sales, we’re talking about finding the best savings accounts. We shop around for the best bargains on our clothes, groceries or cars, so why not shop around for financial products and services?

Set time aside after the Christmas festivities do a bit of research and find out which savings accounts are offering the best interest rate. At the same time, do some research into other essential outgoings such as your car, house or health insurance and see if you can find a better deal for the same cover.

Ask for a better deal

It doesn’t pay to be loyal these days; if you find a cheaper insurance product offering the same cover, contact your current provider. Explain you’ve found a cheaper similar product and see if they can better it. If they can’t, change providers.

Manage your debt

Credit card fees and interest rates are high. If you have racked up the credit card this Christmas, look at how you can reduce it. See if you can switch to an interest free credit card. Keep making payments on this card to pay down the debt but don’t use it – use your debit card instead and start living within your means.

Alternatively, can you reduce your payments by putting the debt onto your mortgage or take out a personal loan? Any money you save by reducing your payments can be put into a savings account.

While we’re talking about credit cards, try to avoid taking all the credit available to you. Lenders will look more favourably on people who have a lower limit on their credit card.

We’re always keen to share our wealth of knowledge and experience to help get you on your property investment journey so get in touch.

Give us a call on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au  or pop into our Cardiff office for an informal chat.

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