SiteForce Christmas Cash Considerations & Tips
Employer and Worker Tips
Construction workers over Christmas can get a shock to their budget when work and sites close down during the holiday season, if they haven’t prepared for it. Whether it’s Christmas, a rainy day, an emergency or something more serious, putting aside money can keep you on the path to meeting your financial goals.
Considering that 25% of Australian workers are casual and that one in five adults has less than $250 in savings, the question about whether to consider an emergency fund and how to plan a budget are very important ones.
An emergency fund is something all casual, contract and gig workers absolutely should consider as they have no paid leave entitlements to fall back on, as their rate of earnings during the year included a 25% loading giving them a higher hourly rate. So it is crucial that you put money aside during the year so you are ready to handle Christmas and the unexpected in future.
Here are our top tips for handling Christmas Cash Considerations:
EMPLOYERS:
1. Take the burden off the holiday season: Public holidays, staff on leave, and Christmas bonuses can be a shock for employers if not budgeted for, especially when sites are closed over the holiday season. Think about labour hire as an alternative, especially in the rush to completing jobs before Christmas, as it is a simple known flat rate with everything included. Easy peasy;
2. Self Funded Bonuses (you’ll be as popular as Santa): Consider offering your staff a voluntary withholding program, where they can put aside an agreed amount each week that accumulates and is released for Christmas to help them over this expensive period. It will be considered a welcome bonus to their budget;
3. Retention Rules: These days, good staff are hard to find and even harder to keep. Try offering a strategic performance bonus payable at Christmas to reward them as a loyalty strategy. You help make their Christmas, and the bonus for you, is you retain excellent staff.
WORKERS:
1. Understand your entitlements: Have a talk with your boss about work arrangements and entitlements and any close dates over the Christmas and holiday season. If you are a casual employee, don’t be surprised that there is no holiday pay, but prepare for this instead. Calculate how much money you have and what you will need to sustain you and your dependents over Christmas.
2. Set your budget and stick to it: Planning is key here. For $200 you can feed a family of 4-5. In saying that, you have to be realistic. You may want a gourmet seafood buffet, but you might have to settle for roast chicken and all the sides instead. Take a look at supermarket catalogues and compare best value for money when deciding on your menu for Christmas and your holiday spending needs. If you’re wondering where to find extra money to boost your savings, it’s usually hiding in your everyday spending habits. Where could you find an extra $20 a week? Cancel an app or streaming service? Bring your lunch to work? Clean out the garage and sell items you don’t need? Every little bit helps when it comes to creating a savings safety net.
3. Work extra when you can: If you’re worried about losing income in the future and you have the opportunity and capacity to work extra now, ask your boss for more hours. One of the quickest ways to save money for emergencies is to earn more. The important thing is not to spend your extra earnings, but to keep them set aside for future contingencies. If you don’t already have a separate bank account for your savings, open a no-fee account online.
4. Sharing is caring: If you are catering for a large group of friends of family, sharing the load might be the best way to go. Most people these days are budgeting, so it will not be a surprise if you ask your guests to each bring a plate to contribute. For you, it will reduce the expense and time spent cooking and it is a great way to increase the variety of food available on the day. When you ask someone to contribute their speciality, it can create excitement and a bit of fun with everyone tasting each other’s dishes. Think about buying a little extra food when you go shopping in the lead up to Christmas. That extra $20 a week won’t be missed, but done over a few months, adds up to a lovely stockpile of non perishable items or food you can freeze (and it puts less stress on the supply chain).
5. Think outside the square: Christmas gifts can add up. Acts of service at Christmas is a very popular gifting option. When considering gift purchases, why not consider a Secret Santa or Kris Kringle gift draw with an agreed spending limit? Making gifts using your expertise or hobby is a beautiful act of love that will touch those receiving it. DIY vouchers for tasks like handyman jobs, gardening, babysitting, picnics, homemade dinners or even housework are always a welcome gift.
6. Plan the year ahead: It might seem a distant thought, but put aside money each week from the start of the year, so that you can enjoy a little more freedom and spending money next Christmas. Having more savings in the bank might seem like the most obvious way of saving money for emergencies, but it’s the best way to protect yourself from financial stress. The aim should be to have a couple of months of income saved up, but even a few hundred dollars is a great start.
7. Avoid using your credit card or Afterpay: We know, this is a tough one! Make sure you are living squarely within your means and not overspending. This is an especially important emergency fund tip for people who are concerned that their income may fluctuate in the future. The key to living within your means is to create a budget and stick to it.
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