'Tis the season to spend money.
If your kids are anything like most of the children I know the demands for the Christmas wishlist started in October.
Even if you are careful about not spending excessive amounts on presents, the extra costs always seem to add up — whether that's from organising festive meals or having people to stay.
Here are some things to watch for to ensure that your Christmas spend-up doesn't turn into a new year nightmare.
Part-payment platforms have taken off this year. They allow you to spread the cost of a purchase over four to six weeks, without paying any interest. This is good for people who want to spread the impact over a few paydays but you'll need to make sure you keep up with the repayments. If you're late with a payment it's common for platforms to add up to $10 a week.
You can get up to 55 days interest-free on your credit card for new purchases. There's a few things to watch for, though — the "up to" — if you buy at the end of the billing cycle, the interest-free period could only be a couple of days. You also won't get any interest-free period at all if you haven't cleared the bill in the previous month.
If you sign up to a hire-purchase agreement on a big purchase, check how long you're due to pay it off for. Many shops offer interest-free periods but the minimum payments you're set up with don't allow you to pay off the loan within that period — so you get stung with a high interest rate at the end.
If you've got a major debt problem you might look at a debt consolidation loan. This can work if it makes the payments more manageable, but watch out for loans that simply extend the term of your loan — this can mean you end up paying much more overall.
Similarly, putting a small amount on your home loan is appealing because of the low interest rate but can be much more expensive if you take the rest of your home loan term to pay it off.
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Fax: 438 8455
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If we had to sum up Brent and the team at Plus CA it would be - humorous, efficient, professional with a real focus on making your money work to its best ability for you...we will continue to deal with them even though we are moving overseas as we know they have our best interests at heart.
Jeremy thank you for your patience, assistance and general chit chat over the years. I would have absolutely no issue in recommending your services to everyone and anyone – in fact, I do.
We recently employed Jeremy Tauri of Plus Chartered Accountants and have been thrilled with the improved service we have received. Jeremy is really approachable and always available to answer queries. At his instigation we have set up quarterly meetings so that we are regularly reviewing our business and avoiding any ‘end of year surprises’.