“The silly season is about to start, so how do we avoid our personal finances becoming a joke this Christmas?”

This fat bloke’s been waiting all year! A little unconventional, but here are my five tips.

Tip #1: Drink. Heavily. While it’s all free or cheap at work and industry Christmas parties. Immediate savings on entertainment bills from now to Christmas. If you continue going hard through to New Year, you’ll probably swear off booze until February. I’ve just saved you two months’ bar bill!

Tip #2: Don’t buy presents, buy tax deductions! What can you (or your partner) claim as a deduction? That’s not as dumb as it sounds. A lot of employees can claim tools, books, home-office or car-related items, watches, sunglasses, hats. Then claim it next July!

Tip #3: Return the rubbish. No matter how good a gift-giver you think you are, you will give some crap presents. And you will receive some crap presents. Swallow your pride. Keep the receipts. Take them back. Get a refund. Pay down the credit card debt.

Tip #4: Lie to the kids. Inform them that Santa has gone into hiding after getting wind of a joint ATO and IRS raid. “I’m sure it will have all blown over by next year. But look what Mummy and Daddy bought you!”

Tip #5: Promise yourself you’ll read at least one finance book over the break. I get up to a dozen great ideas out of every one I read – even the bad books usually have something in them.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.