Aussies urged to create a Christmas budget

Aussies have been urged to consider drafting a budget to ensure they have control of their spending over the Christmas period.

Paul Clitheroe, founding director of financial planning firm ipac, said in his blog that those fortunate enough to have any funds left over should ensure they put their money into a high interest savings account.

He said that to achieve this and to avoid getting into debt during the festive month, it may be worthwhile to plan spending and create a budget, saying this is a "sensible step".

"The golden rule is that you don't have to put your finances through the wringer to have fun," he stated.

A study by Dun & Bradstreet published this month found that nearly two-thirds of Aussies plan to finance their Christmas with cash from savings accounts.

One-quarter of the respondents stated that they think they will have some extra cash in the run-up to the festive season.

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