December 14, 2010
Consumers Urged to Plan Now to Avoid a Holiday Season Hangover
Families should start preparing their budget today to avoid a post holiday season financial hangover according to Jewish Care Victoria, operator of the Port Phillip, Glen Eira and Kingston savings and financial literacy program Saver Plus.
Ms Deena Elmakeas from Jewish Care Victoria said many families unwittingly overspend during the holiday period and wake up in the New Year with a credit card debt that can take months to pay off.
Ms Elmakeas said, “We recommend families prepare a pre-New Year budget, including what they can afford to spend overall, what they need to buy, and how much they will allocate between kids, groceries, holidays, back to school and other expenses.
Ms Elmakeas said, “Many families worry about the holiday season because they find it financially tough; however, with a little forward-planning it can be a more enjoyable experience.
“Ideally families, like our Saver Plus participants, practice budgeting throughout the year, which includes putting a little bit aside each month in preparation for future expenses, like end of year family holidays.”
Saver Plus is a highly successful savings program developed by the Brotherhood of St Laurence and ANZ in 2002, which assists low-income families to save and develop their money management skills. Participants receive $1 for every $1 saved up to $500 to help them pay for educational items.
Robert Wade, ANZ Branch Manager Southland, said, “If families are worried about budgeting and managing their money each holiday season, we’re always looking for new people to join Saver Plus, where they can start to learn better money skills now and continue to develop these skills throughout next year.
“Simple financial skills, such as the skills learned through savings and financial education programs like Saver Plus, can make a huge different to all areas of our day-to-day lives,” said Mr Wade.
To apply families need to be earning some form of income, have a health care or pension card, and have children in school or be attending vocational training themselves.
Families interested in applying to join Saver Plus can contact Deena Elmakeas on 1300 610 355 or (03) 8571 5670 or delmakeas@jewishcare.org.au
Ms Deena Elmakeas from Jewish Care Victoria said many families unwittingly overspend during the holiday period and wake up in the New Year with a credit card debt that can take months to pay off.
Ms Elmakeas said, “We recommend families prepare a pre-New Year budget, including what they can afford to spend overall, what they need to buy, and how much they will allocate between kids, groceries, holidays, back to school and other expenses.
Ms Elmakeas said, “Many families worry about the holiday season because they find it financially tough; however, with a little forward-planning it can be a more enjoyable experience.
“Ideally families, like our Saver Plus participants, practice budgeting throughout the year, which includes putting a little bit aside each month in preparation for future expenses, like end of year family holidays.”
Saver Plus is a highly successful savings program developed by the Brotherhood of St Laurence and ANZ in 2002, which assists low-income families to save and develop their money management skills. Participants receive $1 for every $1 saved up to $500 to help them pay for educational items.
Robert Wade, ANZ Branch Manager Southland, said, “If families are worried about budgeting and managing their money each holiday season, we’re always looking for new people to join Saver Plus, where they can start to learn better money skills now and continue to develop these skills throughout next year.
“Simple financial skills, such as the skills learned through savings and financial education programs like Saver Plus, can make a huge different to all areas of our day-to-day lives,” said Mr Wade.
To apply families need to be earning some form of income, have a health care or pension card, and have children in school or be attending vocational training themselves.
Families interested in applying to join Saver Plus can contact Deena Elmakeas on 1300 610 355 or (03) 8571 5670 or delmakeas@jewishcare.org.au