Smart Holiday Spending During a Cost-of-Living Crisis

The holiday season is a time for joy, connection, and celebration, but it can also bring us financial stress, especially amidst the ongoing cost-of-living crisis. With rising expenses for groceries, travel, and gifts, holiday budgets can quickly spiral out of control.

If you are juggling financial priorities, particularly health-related expenses, this is the perfect opportunity to have a look at our guidance and support – these are taken from client queries any may help you with practical ways to navigate the festive season without compromising your health and financial goals.

How can I enjoy the holidays without overspending?

Create a realistic budget that accounts for all holiday expenses, including gifts, travel, festive meals, and health-related costs. A well-planned budget allows you to enjoy the season without financial regret. Keep in mind that health insurance needs to be prioritised on your budget, particularly as summer activities often bring unexpected health needs.

Can I adjust my health insurance to save money?

Rest assured that flexibility is key. You may wish to consider adjusting your policy’s excess or coverage level to reduce costs, while keeping your health needs covered. Tailoring your insurance ensures you maintain protection without unnecessary financial strain.

What if unexpected health expenses come up during the holidays?

It’s good to prepare for any unforeseen health-related costs. Remember to claim for any covered appointments or tests and some insurance companies have online apps for quick and easy claims on eligible expenses. Take a moment to review your policy to ensure you fully understand what’s covered, so you can head into the holidays with peace of mind.

Are there any promotions to help with health insurance costs?

This is the perfect time to consider nib’s One Child Free Promotion: For every adult covered under a new Ultimate Health, Ultimate Health Max, or Easy Health policy, one child will receive 12 months of free Base Cover. * This offer allows families to prioritise their children’s health at no additional cost—an ideal solution for budget-conscious households during the holidays. This exclusive offer ends on 28 February 2025.

*Terms and Conditions apply: Offer available to new members only. One child under 21 receives free Base Cover with each insured adult on the same policy (Ultimate Health, Ultimate Health Max, or Easy Health). Usual underwriting terms apply.

How can I plan for health expenses in the new year?

Be encouraged to use the holiday season as a springboard for better financial and health planning in the year ahead. Start by reviewing your current policy to ensure it aligns with your needs, then consider creating a savings plan for future health expenses.

Additionally, remember that some insurers have proactive health tools that can help you start the new year with stronger, healthier habits, making it easier to achieve your wellness goals.

Making smart, health-focused decisions this holiday season, will empower you to enjoy a stress-free, financially sound festive break.

This holiday season, protect what matters most—your family’s health and financial well-being.