RBA holds cash rate at December meeting

There’s no early Christmas present for mortgage holders, with the Reserve Bank of Australia (RBA) opting to hold the official cash rate steady at 4.35% in its final monetary policy meeting of 2024. This decision keeps rates at their highest level since 2011, dampening hopes for a reprieve amid the festive season.

Five tips to save for the holiday season

Although the cash rate pause may have dashed the hopes of any Christmas cheer for many mortgage holders, there are still ways to save money this holiday period.

Mortgage broker and financial literacy advocate Adele Andrews says it is more crucial than ever that Australians keep the purse strings tight throughout the holiday period – and well into the first quarter of 2025.

Here are Andrews’ top five tips for making your holiday season budget go further:

1. Leverage from shopback or cashback apps, when booking any holiday activities or trips.

2. Look at experiences rather than gifts at Christmas – can you give something holistic that the whole family benefits from in one experiential gift, as opposed to material things?

3. Price watch – sites such as CamelCamelCamel and Honey are great for watching prices of items you have your eye on – and alerting you to when prices drop.

4. Review your home debt – sit with a mortgage broker who is prepared to analyse your mortgage, car, or personal loans and review better ways of structuring it and saving you money on your repayments.

5. Make a weekly budget and stick to it. Have it on the fridge or somewhere visible and plan, plan, plan. You would be surprised at the impact that a visible, financial plan can have.