‍With Christmas approaching, now is the season of strained bank balances. So is dropping insurance policies a good way to watch your pennies? Simon says no.

My eldest has decided he wants a turtle for Christmas. These are not the cheapest items to get, let me tell you. So, having a birthday close to 25 December, he's accepted the fact that this will be a combined present. Very kind of him.

If you’re considering getting a turtle here are the costs to expect: First, they need a habitat. They need a UV light to live (this isn’t a “treat” for them, it is a NECESSITY). Your tank will need a light and an area for them to bask in. You need to have a docking station for them to crawl out of the water and bask in their lighting (also mandatory). Heavy duty aquarium filter, a very specific habitat, water heater ... the list goes on.

For the full turtle set up, you won't see much change from a grand—and that doesn’t even include the turtle!

Next question is what type of turtle to get. Painted? Red ear slider? Eastern box? Yes, these are all types of turtles. I haven’t started going crazy … yet.

My son has been saving like mad for months, meticulously putting ticks on the chalk board each time the dishes are done, room is tidied, washing is away.

He's also very understanding that mum and dad have all sorts of unavoidable life bills to make (regardless of the holiday period) like a mortgage, food, petrol, day care ... and, boy, does that list go on.

I’m sure I’m not alone in facing some financial pressures at this time of year. For many, these times might mean skipping a few meals out (and drinks), cutting back on subscriptions, uploading some old treasures to Trade Me and maybe even cancelling a policy or two.

Whatever you do to save your pennies, don't do that last option. You never know what’s just around the corner. And if things do happen to turn sour, those insurance policies could be the most important asset you have.

What have you arranged to be left over when you go? Is the mortgage covered? Kids university fees accounted for? What about if you get sick? Income protection? Trauma?

Most of the folks I talk to about insurance want to look at what they have in place because somebody they know had something frightening happen. These events can kick you into gear to get covered. But don’t wait for those events to spark you into action, now’s a good a time as ever.

So, where can we help?

As unaligned brokers, we provide free, confidential, unbiased reviews of people’s insurance. These chats are frank discussions about what you should consider having in place. We’ve found that people can often save up to 20 per cent on their premiums simply by having a chat with us.

And maybe you’ve already got your insurance sorted. I'm happy to arrange a special something for you if you refer a friend (that draws down a policy). I've given away plenty of awesome referral gifts recently … but, please, don’t mention turtles!

Get sorted prior to Christmas (and do keep in mind portion distortion at the table).

Simon O’Neill is a Registered Financial Adviser with Velocity Financial. No investment decision should be taken based on the information in this blog alone. A disclosure statement is available free of charge upon request.