What you need to know about Easter and financial matters
The arrival of late March means the sight of the Easter bunny bounding over the horizon is imminent. Which size chocolate egg you’re going to buy shouldn’t be the sole financial decision you make this month, however. You might not realise it, but Easter can have a marked impact on your finances.
Why is Easter such a big deal, financially?
Each year, Australians end up spending significant amounts on Easter-related distractions. Most of this goes toward food and holidays/travel, with Australians in 2013 putting $1.1 billion and $1.2 billion toward these purposes respectively, according to IBISWorld. This is money that could otherwise be put in a retirement savings account or contributed to a superannuation fund, tax-free.
How can I reduce this cost?
There are a variety of ways to stay within budget over Easter, from making your own DIY decorations and Easter egg dye, to eating dinner at home and making use of coupons and sales. You can also try and treat it like any other day of the year, rather than a holiday. This means avoiding purchases on food and drinks you wouldn’t otherwise buy, as well as having a ‘staycation’ – replacing an expensive trip to an exotic locale with a quiet time at home.
Is spending the only issue?
Other financial matters should be up for consideration at this time, too. For instance, the Fair Work Ombudsman of recently noted that the Easter holidays are a time when underpayment tends to frequently happen, although more often than not it is accidental.
For both business owners and employees, making sure pay rates are correct can be significant. Employees could use this extra cash to put toward a savings goal – a property investment, for instance – while employers can avoid bills for wage back-payments that they hadn’t factored into their budgets.
Wherever you are in the Whitsunday Shire, whether Cannonvale, Bowen or Proserpine, be sure to keep these points in mind when Easter comes to town.