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10 Easy Tips To Save Money This Christmas
●December 15, 2021●5 minute read
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With Christmas just around the corner, we’re all looking for ways to stretch our Christmas dollars as far as possible this holiday season. After all, it can be easy to overspend this time of year when buying gifts, stocking up on food, and paying travel expenses.
Overspending during the festive season can put you in a difficult financial situation moving forward into the New Year. Rest assured, Jacaranda Finance has the top 10 easiest tips to help you get through this Christmas on a budget.
1. Create a budget
It’s easy to spend extra money during the holiday season. Last-minute panic buys, countless gifts, and purchasing mountains of food can really stack up quite a bill. Tracking your spending can ensure you’re keeping on top of exactly where your money is going.
To avoid overspending and ruining this month’s and next month’s budget, create a detailed schedule of your holiday commitments including what you need to buy and where you’ll source the funds from. You’ll need to work out what you can afford to spend on gifts, food, drinks, decorations, and travel.
Creating and sticking to a budget is you’re #1 step to ensuring you’re prioritising everything that’s essential to you and your family this festive season. Spending a small amount of time on your budget can save you from financial stress in the New Year.
2. Don’t stop saving
It can be pretty easy to put your money-saving goals on the back burner during the holiday season. According to Finder, just over half of Aussies (55%) are using their savings to fund their holiday spending in 2021. Even if you’ll be tapping into your savings for this year’s Christmas budget, keeping up the habit of transferring a percentage of your wage into your savings account, no matter how small the amount, can help you continue to stick to your financial goals.
3. Order online
Do you know how to save money while Christmas shopping? When you visit a shopping centre around the Christmas season, you’re guaranteed to be faced with frantic shoppers and busy car parks. Many Australians are opting for a more relaxed shopping experience this Christmas by doing their shopping online. Finder reported that due to the pandemic, 42% of Aussies are more likely to shop online this Christmas.
What’s more, shopping online allows you to easily compare prices on the gifts you’re purchasing to ensure you’re getting the best deal. Plus you can even take advantage of discount codes, online coupons and cashback programs.
Pro Tip: Make sure you account for postage estimates and delays when placing an online order so no one misses out on a Christmas gift.
4. Combine your online orders
If shopping online sounds like your cup of tea but you’re not a fan of the shipping costs involved, combining your online orders could be the answer. Plenty of online retailers offer free shipping if you spend a minimum amount. Shopping with a department store online like Myer or David Jones is a great way to access multiple brands in one place, so you can buy gifts for your friends and family without having to pay multiple shipping fees.
5. Shop early
Shopping ahead of time not only keeps you organised, it can also save you some cash. The festive season usually inflates prices, so shopping early can help you take advantage of sale periods like Black Friday and Click Frenzy. When you spread your Christmas shopping out over the year, you’ll reduce paying a premium on last-minute panic buys.
6. Don’t fall for retail marketing
In 2021, the average Aussie is expected to spend $1,232 this Christmas on buying presents, food, alcohol, dining out, and travel (Source: Finder). The excitement of sales and discounts can easily distract you from your budget. It’s important to avoid getting wrapped up in snapping up deals, just to end up overspending. If something is on sale, it doesn’t mean you should spend more on additional items. Make the most of the discounts you’re receiving by sticking to your list and only buying the things you need.
7. Resist buying for yourself
When gift bundles and festive packaging fill the shelves at Christmas time, it’s easy to be tempted to purchase things for yourself. However, it’s important to remember that sticking to your list is your best chance to save money this Christmas. If it’s something you really need, try and hold off until after Christmas before purchasing. This way you can make the most of after-season sales like Boxing Day if you have money left over from your Christmas budget.
8. Give fewer gifts
Buying expensive gifts for every family member and close friend can make your Christmas buying list pretty lengthy. Organising a Secret Santa gift exchange with a dollar limit is a great way to reduce your spending, while still partaking in giving Christmas presents.
9. Go in on a group gift
If someone on your list is asking for a big ticket item, asking their family members or close friends to put money towards the gift with you is a win-win. You can share the cost of the gift, while still fulfilling the receiver’s Christmas wish. The same goes for boss, coach, and teacher presents. Asking colleagues, teammates, and classmates to buy one big gift could save you valuable time and money.
10. Share the cost of food
Do you know how to save money on Christmas dinner? It’s well known that the cost of food is something that can weigh heavily on your budget. If you’ve been tasked with hosting a Christmas party this year or Christmas Day is being held at your house, don’t let the cost of food be your sole burden. Put together a potluck dinner, where everyone brings a dish, or ask guests to chip in a small amount for the cost of food to ease your entertaining expenses this year.
A final note
Spending money at Christmas shouldn’t mean car repairs or last-minute trips to the dentist are off the cards. If you need a boost to your bank account to cover an emergency expense, a fast personal loan with Jacaranda Finance could be the answer. Jacaranda offers loans from $1,000 to $15,000 and applying is quick and easy. Apply online today and once approved, you could have the money in your account in 60-seconds*.
*If you have an NPP-enabled bank account.
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Written by Laura Parcell
Laura Parcell is a Public Relations Specialist and Content Writer at Jacaranda Finance. She has a Bachelor of Business (Public Relations)/ Media & Communications with Distinction from the Queensland University of Technology.