Christmas savings tips
Christmas can be a great time of year, celebrations with family and friends, gift giving, big feasts, and maybe even a Christmas trip. However, it can all add up and can be tough on the finances or even leave you with a hefty credit card bill in the new year.
We have put together some practical Christmas savings tips on how to save money and keep your costs down. Hopefully you can stick to your budget and avoid any debt at this costly time of year.
Pre-Christmas clean-out
A good old clean up can leave you with a lot of good quality unwanted items. So why not boost your Christmas finances and sell your unwanted goods. Everything from clothes, to homewares, to tools can be sold online in places like Gumtree, eBay and Facebook Marketplace. If you have a lot to sell, why not try having a garage sale. Who knows how much extra money you can earn yourself for the festive season.
Recycling
Following on from the pre Christmas clean out, why not recycle all those bottles and cans you have piling up. Many states/ territories in Australia have a cash incentive for recycling cans and bottles. This can add up and the money can be added to your Christmas budget. There are also other things you can recycle for cash. for example, scrap metal can often be recycled at local depots for cash. Contact your local recycling depot to see what can and cant be swapped for cash and then recycle your scraps for cash.
Make a list, check it twice
The best place to start is to write down a list of all your planned Christmas expenses. This will also help you work out a budget. Make sure you include everything on this list, not just gifts. Christmas day food and drinks, decorations, gifts, cards, postage, wrapping, festive events and any Christmas travel should all be included. The most important part of this list, is that you stick to it!
Track your spending
A great way to track your spending, so it doesn’t get out of control is to use a money-managing app. Put the app on your phone so that you can track every dollar that you spend on Christmas. This includes everything from gift wrap to gifts and food. Using an app makes it a lot easier to stick to a set budget and you also know where all your money is being spent.
Visit here www.frugalandthriving.com.au/money-apps-australia/ for some suggestions of good money managing apps, or your current financial institution might offer one.
Christmas savings
Why not have a Christmas savings account. Start at the beginning of the year and set a certain amount into a savings account each week/fortnight/month. This can add up quickly and give you a nice cash bonus at the end of the year for Christmas spending. For example saving $10 per week = $520 after a full year of saving.
Use cash, not credit
Another favoured way to adhere to your budget is by always using cash to make purchases – not credit cards. That way you can never spend what you don’t have. This will also avoid the new year money hangover that a credit card can bring.
Start early
Starting your Christmas shopping early can help a lot. Not only does it spread the costs across a longer period of time, it also minimises the stress of last minute shopping. Mid-year sales are a great place to start! You will find by shopping earlier and spreading the costs over a longer period, your December budget will be less impacted and you will feel much more organised. You can also save some money by taking advantage of sales throughout the year.
Bargain hunting
If you put in the time, you could find special offers, coupons or deals online leading up to the Christmas period. Make sure you shop around, online or otherwise, for the best prices and deals. You may find special deals in your email inbox or hear about a special deal from a friend. Either way taking advantage of bargain deals can save you a lot of money in the end.
Gift giving
Gift giving can be one of the most expensive parts of Christmas, especially for those with large families. But don’t worry, there are many ideas that can help you save money when it comes to gifts:
- Rather than individual gifts for everyone, Secret Santa or Kris Kringle is a great way to save money by buying a single gift only. Everyone’s name goes into a bowl and then everyone chooses a name out and that is the person that you have to buy a gift for. Remember to give a price limit to the gifts and you can choose to keep the gift buyers anonymous or not.
- Making gifts rather than buying them can lead to some big savings. There are a lot of things that you can make or learn to make (there are many online tutorials for all sorts of creations) as gifts. Alternatively use your special interest, hobby or skills to create a gift. For example, potted plants using cuttings from your own yard, candles, home-made art, framed photos, home-made Christmas cards, pickled goods, jams or spreads, wooden bird feeders or bee houses are just a few ideas.
- Gifts of service are great for those that have everything. Create your own redeemable vouchers for services such as cooking dinner, a car wash, a massage, mowing the lawns, walking the dog, cleaning or gardening. With unlimited options, a gift of service can be a lot of fun while also being useful.
- Quality time is another great gift that is often more appreciated than physical gifts. These can include things like taking your grandkids camping or out for the day. Other quality time gifts can include coffee dates, going to the local summer events together, fish and chip lunch/dinner at the beach, a day wine tasting. Again the options are endless.
- What about re-gifting? It might sound stingy, but if you are given good quality gifts that you know you won’t ever use, or maybe already have, then why not re-gift them to someone who will use them. Make sure to be careful and re-gift in different circles of people. For example, don’t re-gift that toaster that grandma gave you to your aunty on the same side of the family, maybe give the toaster to a work colleague or a niece or nephew on the other side of the family!
Simple celebrations
For some, the festive season is full of parties, social events and family catch ups. These celebrations can end up being quite costly, especially if they are out and about and you find yourself buying food and drinks at every event. To keep costs down, keep it simple and stick to the more cost friendly options when you are out. For example, instead of summer cocktails and fancy beers, stick to standard beer and wine and soft drink. Also be aware of what food you are ordering, as the bill at the end of the night can be quite costly if you pick all the high-end menu options.
Feast time savings
Christmas feasts are expensive, especially if you are the one hosting each year. There are a few things you can do to change this up, ask your family and friends to share hosting responsibilities, so each year someone different hosts. Assign everyone attending a meal or course to bring to share with everyone else – make sure everyone is bringing something different so you don’t end up with five coleslaws! Make drinks BYO as standard for every gathering. Another option is to suggest that if you host everything, that everyone pays a set amount per head. It doesn’t have to be a lot, just $10-20 per person attending – ideally, everyone should be happy to contribute if it means they get a great Christmas lunch or dinner.
Interested in similar articles? Why not check these out:
Simple, everyday money saving tips
Ten hidden ways you’re wasting money in the kitchen
Resources:
www.budgetdirect.com.au/blog/11-money-saving-tips-christmas.html
www.canstar.com.au/opinions/a-christmas-spending-survival-guide/
www.lifehack.org/articles/money/10-ways-save-money-this-christmas-without-losing-the-sparkle.html
