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How to avoid a money meltdown at Christmas

3 minute read

There’s no denying Christmas is one of the most financially stressful times of the year – keep reading for some of our best money saving tips to help you through the silly season without racking up Christmas debt.

1. Re-use what you can

Save funds by starting with a list of what you already have that can be re-used – items such as decorations, lights, wrapping paper and leftover Christmas cards. Taking inventory of this will then help plan what you need to buy for this year’s festivities.

2. Make a shopping list

While we tend to focus on the cost of gifts, don’t forget about other Christmas expenses including grocery shopping, alcohol, wrapping supplies, postage and travel/accommodation costs if applicable – list this out as the basis for your overall Christmas budget.

3. Set a budget

It’s not Grinchy, it’s just good practice to set a spending budget (and stick to it!) for all your Christmas shopping and holiday expenses. Track your spending with an app, Excel spreadsheet or pen and paper – this way you’re more likely to hold yourself accountable and less likely to overspend.

4. Get savvy with gifts

There are countless ways to get crafty at Christmas by taking a little extra time to keep some extra money in your pocket. Consider giving homemade gifts like fudge, macramé or a planted terrarium in an old coffee jar for a meaningful but inexpensive present.

Before getting wrapped up in the hype of retail shopping try to use up any loyalty points or leftover gift cards, seek out discount codes when shopping online and take advantage of last minute Christmas sales.

5. Start a Christmas savings fund

Create a dedicated Christmas savings bank account and set aside extra money throughout the year so you’re organised ahead of time. Make an effort to put away a small amount on a weekly, fortnightly or monthly basis and then only withdraw funds over the festive period.

6. Plan in advance

Why not take advantage of second hand and Boxing Day sales to get next year’s decorations/ Christmas goods at a bargain price? Remember – it’s a good deal if you were going to buy it anyway, but try to resist impulse purchases!

If you’d like to chat about how we can help with opening a bank account to achieve your Christmas savings goals, get in touch or visit us in-branch.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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