Our five Christmas budgeting tips for the savvy spender

Christmas budgeting can send some people into a spin. And with the silly season almost here, it doesn’t mean you need to turn silly with your spending!

We’ve curated a list of helpful tips and tricks to help you save money and budget correctly over Christmas.


1. Make a list (and check it twice)!

Prepare written lists of all gifts, food and travel costs you will need to purchase in the lead up to the festive season.

It’s a good idea to do this as early as possible, so that you can start to look out for early-bird deals on non-perishable items.

Gradually checking items off the list is equally as satisfying as it is cost-effective, and ultimately will save you the last-minute shopping spree on Christmas Eve!


2. Avoid using buy now, pay later services

These services may sound like a great idea at the time but they often encourage consumers to stretch the Christmas budget and overspend on gifts.

Hidden account setup and late fees will result in unnecessary financial stress as we enter 2022. Not to mention they are damaging to your overall credit score.


3. Start a Secret Santa

Instead of buying for all members of the family or friendship group, why not suggest just buying for one? The concept of Secret Santa involves all participants drawing a name out of a hat or being anonymously emailed via a website such as this one.

To make things easy and fair, set a clear spending limit beforehand that everyone must stick to when purchasing their gift.


4. Make a social event budget, and stick with it

It’s important to take note of all the activities that begin filling up your social calendar throughout the festive season.

Estimate the cost of attending each event ahead of time, including food, drinks and perhaps the occasional new outfit!

Most importantly, don’t feel obliged to attend every single celebration you’re invited to. If it’s beyond the budget, it’s perfectly OK to say no.


5. Start planning for next Christmas 2022 now!

Don’t wait until November to put your Santa hat on, start planning at the beginning of each year to make the festive season a joyous and relaxing time.

  • Open a new high-interest savings account and put away a small amount each week. It all adds up!
  • Make the most of large sales throughout the year such as EOFY and Black Friday, to spread out the costs of gifts.
  • Layby the big-ticket items in advance, so you can make gradual payments over a few months.