Christmas Hangover?

So for most of us, Christmas is fast becoming a distant memory. But for others still getting the monthly reminder in the form of a credit card statement, it might be time to do something about it. For you, I want to share something that you can do to set yourself up for a better 2020 Christmas… Financially that is – I can’t do anything to help you with your in-laws. A Christmas without any kind of financial hangover and feeling even better about the year ahead.

This isn’t another blog about how you should budget, segregated bank accounts and make regular contributions etc. Although that’s the gold standard, we know it takes discipline, and there is nothing new in a blog that tells you what you already know. We all understand what makes budgeting difficult and what people really want is a magic bullet.

For those playing along for the first time at home, what makes budgeting difficult is the opportunity cost.

Another ‘plane as the nose on your face’ idea is to start planning well in advance… think the end of financial year stocktake, or even earlier the boxing day & January sales, but again… there nothing new here…

So let’s talk about something a lot easier that can potentially bring you instant results and something that you potentially didn’t know.

If you have come out the other end of Christmas with a less than manageable balance on the credit card, rather than just starting to save your ass off to get ahead, solving the problem can be made a lot easier by just getting on the phone and talking to your bank.

The truth is, we know that often banks thrive on people’s apathy. And that’s true of credit card companies too. financial institutions will usually bend over backwards to try and keep you on board as a client. And phoning up and just asking whether they can either reduce the interest rate on your card or recommend a more cost-effective way of paying off debt, can often be an effortless way of getting the ball rolling and paying down your debt.

In summary, I don’t want to preach to anybody about cash flow. It’s your money, and you are entitled to spend it any way you want. I’m sure if you are interested to learn more, you’ll reach out.

But fundamentally, regardless of the method you adopt, it’s about consistency and control. But for the love of all things good, don’t pay a third-party to manage your budget for you. Sure you will eventually get out of difficulty, but you will be none the wiser and be back at their door, the moment things get out of control again.

If you do give your bank a call and you end up getting a result, I’d love to know what it was. You can reach me at While you have them on the line, maybe see if they can do something about your mortgage rate too.

Take care. And feel free to share this article if can be helpful to someone.

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Daniel Twentyman B.Bus.(Eco) Dip.F.S.(FP) Financial Planner – Authorised Representative