Each week across the ACM network Ali and Gaby Rosenberg offer quick tips for big wins in understanding your money. The sisters are co-founders of the Blossom micro-investing app.
If the idea of going big on Boxing Day sales to spend whatever you had left over after Christmas makes you feel a bit queasy this year, you're not alone.
Rent hikes and relentless interest rate rises means the average Aussie household budget took a lot of hits in 2023.
Maybe saving is also one of your new year's resolutions. We hope so - it's our favourite topic!
If so, there are ways to be strategic about making savings on big sales days like Boxing Day.
In summary, it's all about the long game.
Needs, not wants
The key to making sales work for you is identifying purchases that solve an outstanding problem or need.
If Boxing Day morning was the first time you ever thought about getting an Air Fryer, then chances are you can do without it.
On the other hand, if you've started styling the rips in your t-shirts rather than face up to your increasingly aggressive washing machine, perhaps Boxing Day is a good day to make the swap.
Fixing a problem now to avoid an expensive purchase later is a win.
Even if you're allergic to budgeting, you're no doubt starting to make some rough plans, or agreeing to join events that happen in 2024.
Think about weddings, major birthdays, upcoming births, hens and bucks parties, trips home or hosting visitors.
Right now you may think of these obligations as a 2024 problem, but making savings is also a 2024 goal, and you can get an edge on it now.
What costs will sprout up with these events?
Even airlines have Boxing Day sales, so there are the flights, as well as formal clothing or specific equipment, items of furniture, wedding or new baby gifts.
Once again, if you work out which costs you can't avoid, picking up a bargain now will make you feel better about forking out the cash.
With just a bit of thought, reflection, and a dose of brutal honesty, you can feel less like a consumer on Boxing Day, and more like someone who uses money to your advantage.
And that comes with the added bonus of turning up to 2024 like that person who always gets up early.
- Sisters Ali & Gaby Rosenberg are the co-founders of Blossom App.
- Nothing in this article should be construed as being personal financial advice. It is general in nature only and has not taken into account your particular circumstances, objectives, financial situation or needs. You should consider whether the information, strategies and investments are appropriate and suitable for you or seek personal advice from a licensed financial planner before making an investment decision. Past performance does not indicate future performance. BlossomApp Pty Ltd (ABN 74 644 216 151) is a C.A.R. (No. 001284228) of Gleneagle Asset Management Ltd (AFSL 226199).
- ACM co-owner Alex Waislitz has a stake in a company that provides services to Blossom. ACM is the publisher of this masthead.