Taking control of your finances

Here we are; Christmas has snuck up on us again.

One minute it’s footy finals, the next minute it’s December, Coles and Woolies are decked out in tinsel, and Mariah Carey is blasting through the speakers.

But while the festive season is all about good times and family, it can also do a number on our wallets.

Between the presents, the parties and the seemingly endless supply of food, it’s easy to rack up some unexpected debt. And with the cost of living being what it is, many of us are feeling the pinch.

So, while we’re dreaming of a white Christmas (or maybe just a sunny one!), here are three things we’re wishing for this year:

Steady growth in home values: We all want our homes to increase in value and growth is important to our collective family wealth, but let’s keep it realistic! A gradual 5 per cent rise would be ideal, giving first home buyers a chance to enter the market while still growing our wealth

Fair prices for home builders: Lately, building costs have gone through the roof! We’re hoping those big Victorian infrastructure projects that have sucked up many of our trades wrap up soon, so our local builders can get back to building our dream homes at reasonable prices, and

A kinder RBA: Interest rate hikes have hit households hard. We’re hoping the RBA will consider some alternative strategies to manage the economy without putting so much pressure on everyday Aussies. We think we’ll see the first rate cut in May or June.

Time for action

Once the festive season is over and the dust settles, it’s time to take control of your finances. Here are two things you can do:

Tackle that holiday debt – If you’ve overspent, don’t panic, but you do need to get your head out of the beach sand. Look into refinancing options to get a lower interest rate and take the pressure off so you can think clearly.

Plan for the future – Once you’ve got your short-term finances sorted, it’s time to think long term. A financial planner can help you set goals and create a plan to achieve them. (And hey, we know some great ones!)

Don’t let the festive season derail your finances. Take action now and start the new year on the right foot.

Considering something similar for your family and not sure what’s possible, or have a question you’d like to ask our team? Email [email protected]