We all know the holiday season can be tricky for the ol’ hip pocket. It’s a time for drinks, celebrations, gift giving (and more importantly, gift receiving).

And while it’s all fun and games...when the New Year rolls around, you definitely don’t want to be left with a financial hangover. There ain’t a Panadol or Nurofen in the world that can get you out of that one.

So, it’s a good idea to have a financial plan in place as you head into the final weeks of the year - and stick to it. Here are our hot Flux tips for your summer.

Know what you’re working with

Figure out how much money you’ve got coming in - and when it’s coming in. So you know how much can (reasonably) come out.

That means calculating your after-tax income (i.e. what goes into your bank account each payday), to work out your weekly pay.

Use this quick guide to help you:

• If you’re paid fortnightly, divide your after-tax salary by 26
• If you’re paid monthly, divide your after-tax salary by 12
• If you’re paid weekly, then you already know your weekly after-tax salary

An easy hack to your spending is the 50/30/20 budgeting rule! But, if you just want to make it through the holidays, then it may be worth allocating a bit more cash for this period (ya know, presents and entertainment).

Track your spending

We know, we know. You’re on a break. But a great way to track your spending (without actually tracking your spending) is to simply check your bank account every day. It ain’t that hard.

Checking your bank account will help remind you of that round tequila shots you shouted. Hopefully it will help reign you in next time you have everyone at the bar cheering your name.

Just log into your banking app every morning, and do a health check - is it looking like things are on track? Do you need to readjust your spending that day to compensate for a big day yesterday? This way, you can stay on top of things. Knowledge is power, Flux fam.

DIY your Xmas gifts

Gifts can be expensive. But there are some that don’t break the bank - you just gotta get creative.

You could put your own DIY picnic basket together, or make some Christmas biscuits. You could build your own cocktail kit...or chuck a self-care kit together.

Honestly, Pinterest is your best friend. Look up DIY ideas...and get creative! It could save you some serious dollars - and it’s a lot more thoughtful than a Myer or DJs voucher.

If you don’t want to DIY, at the very least assign a budget to each recipient, and stick to it. Whether that’s $20 each - or even $10 - you’d be surprised what you can get.

Don’t be afraid of FOMO

We all know how hard it is to say ’no’ to something...all your mates are going...the sun is shining…we’ve all been there.

But it ain’t a great move for future you to put yourself in debt in the name of a good time. If you can’t afford it, all you need to say is ‘Soz guys! That’s not in my budget this week. Keen for next week though’.

Stay in, do some self-care, read a good book...and then meet again the following week. It’ll be just as good a time (if not better, ‘cos you’re the life of the party OBVS).

For more tips on how to survive the holiday spending season, check out Flux's Academy here.

You got this!!