With the eruption of tinsel and bauble laden pine trees on Melbourne’s streets, sparkling white and gold fairy lights, and intensive Christmas marketing, it is hard not to acknowledge the festivity of this time of year.
In every corner of the nation we are encouraged to spend, spend and spend some more. Although this process is natural to most consumers, we are often caught out by spending money we simply should not be working with.

If we aren’t having existential crises about what perfume to buy our mother-in-law, we’re busy booking out Christmas Party work venues, sipping seasonal cocktails and planning on how we can possibly purchase the hundreds of gifts listed on our children’s Santa list.

But what of January? What of the gut wrenching-feeling of receiving your December bank statement? Realising it could take you up to three months of hard work for you and your partner to get back to November?
We all know how Christmas can dramatically affect our bank account. But where does this leave the average family? The answer depends on which family you choose to be.

Whilst some families will spend continually and not account for the future costs and debt until well into 2019, others are starting to prepare a financial plan prior to the Christmas break. By accounting for every dollar before it is spent, this allows them to go forwards into the next year, rather than backwards.

Which family do you identify with?

Have you got a plan ready… or will you wait to see the damage before going into damage control?