Managing your money post-Christmas

Santa has paid his annual visit, and the ham is all but gone – it’s time to show your finances some post-Christmas love.

The festive season can leave us nursing a financial hangover, often fuelled by overspending – after all, it is the season of goodwill.

But five easy tips can help you get your finances back on track for the New Year.

1. Keep an eye on BNPL payments

The holiday season rush can make it easy to overlook due dates for buy now, pay later payments. But missed payments don’t just attract late fees, they can also damage your credit score. Keep a note of due dates to keep fees down.

2. Tame credit card debt

If Christmas spending has super-sized your credit card debt, think about using a low rate personal loan^ to clear the slate. It can see you save on interest, the repayments are easy to budget for – and it can be a great way to stop the spending cycle, knowing the debt will be repaid in a defined period of time.

3. Start saving for next Christmas

It’s never too early to plan ahead. Our Christmas Cracker savings account earns you interest on your savings to boost your festive season stash for Christmas 2023. Best of all, you can only access the funds between 1 November and 31 January which means you won’t be tempted to set your savings astray.

4. Put your savings goals at your fingertips

If you haven’t already downloaded the Community First app, now’s the time to get cracking. You’ll find great features like a Savings Tracker that helps you create a savings goals to make purchasing those bigger ticket items more motivating while keeping watch on your progress. In our Internet Banking platform, you can also set free balance alerts so you can be reminded when you reach your savings milestones.

5. Raise a hand for help

If you’re experiencing financial difficulty, it’s important to know you don’t have to face it alone. In particular, reach out to your lender before you miss a payment. They’ll work with you to find practical solutions for your unique situation. Missed payments can affect your credit score so be sure to make sure the handover doesn’t last longer than it needs to.

^ Credit eligibility criteria, terms and conditions, fees and charges apply. The information in this article is general advice only and does not take into account your objectives, financial situation or needs (your "personal circumstances"). Before deciding whether to buy any product you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available at Community First Credit Union Limited ABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170

Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170