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Parents should think twice before spending a fortune on their children this Christmas, as they often end up giving them expensive gifts that they "do not remember anyway."
Scott Pape, a barefoot investor, warned families, "It's not worth it, if it ruins you or stresses you until Christmas and after Christmas.
"The children have raised expectations about what they expect from Santa and this has resulted in difficult discussions.
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"On Christmas morning, your kids are all excited about unpacking gifts.
Pope said that the months of December and January have always caused increased financial pressures.
He urged buyers to avoid credit risk and limit the amount of their purchases.
ADVICE XMAS OF BAREFOOT INVESTOR
1. Focus on experiences rather than physical giving.
2. For adults, send an email telling them that you are using Secret Santa to save money.
3. Leave your credit card at home.
4. Use the packing and be tight against the gifts; young children will not notice it anyway.
5. Buy, redeem and sell your rejected gifts (you know you will get them).
The total amount of credit card bills in the country soared to $ 52.9 billion last December and is already at $ 51.9 billion, according to the latest figures released by the Reserve Bank of Australia.
"For many Australians, the next 60 days are the most stressful days of the year because
have Christmas, Christmas gifts, so you have tuition, "said Pope.
"If you do not plan it, you risk a lot of trouble."
There's only a little more than three weeks left before Christmas and customers have already been overwhelmed by mbadive sales, especially for Black Friday and Cyber Monday – traditionally monstrous shopping days in the United States that are now have become very popular.
Despite unprecedented interest rates that help borrowers repay their mortgages, savers continued to receive disappointing rates.
According to Mr. Pape, many Australians are too late to plan financially before Christmas. They should try to reduce their expenses.
It is important to pay with a debit card rather than with a credit and it is also essential to stick to a shopping list to avoid a financial blowout.
Buy now, pay later, plans have also gained popularity, like Afterpay, Zippay and Openpay.
The new figures released by the Australian Securities and Investments Commission this week indicate that the number of users of these systems has increased from 400,000 in 2015/16 to over 2 million in 2017/18.
But consumers have been asked to think twice before subscribing to these programs that allow them to buy items and refund them later, in installments.
Clients must pay a fee if they do not meet the strict repayment criteria, but do not pay interest.
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