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Spend Carefully

Top 4 Christmas budget tips

Financial Wellbeing Coach

2022-10-21 00:00

Estimated reading time
3 min

In this article

  • Prioritise holiday spending areas
  • Set spending limits for everyone
  • Plan gifts in advance
  • Reuse where you can

It’s the most wonderful time of the year - but for many people, Christmas can also be a time of great expense. From hosting family lunch, to buying presents and decorations, there can be a lot of costs associated with the festive season.

By following some of the advice below, you may be able to relieve some of the money-related pressures – meaning more time to enjoy with your family.


1. Prioritise holiday spending areas


    There’s a lot to think about when Christmas comes to town – from where you’ll get the turkey to how many guests are coming for lunch and the backyard cricket teams. That’s why it’s important to prioritise what matters most – especially when it comes to spending money. Allocating extra funds to things like food, Christmas gifts and presents can help ensure you’re not left out of pocket or scrambling for money when the day comes.

    Tip: Set a budget and put away a certain amount of money each month to ensure you have enough savings at Christmas time.


2. Set spending limits for everyone


    With the joy of generosity and giving in the air, it’s easy to get carried away if you’re buying Christmas presents for multiple people – whether it be your family or the work Kris Kringle – it can help to set a spending limit. This amount can differ from person to person, like spending a little less on your great aunt and a little more on your partner. Look out for free shipping – you can save money by shopping at stores with discounts or free delivery or by using ‘click and collect’ functions

    Tip: Set a Christmas savings goal so there’s one less thing you’ll have to worry about this festive season.


3. Plan gifts in advance


    There’s nothing worse than getting to Christmas Eve and realising you have yet to finish buying gifts. Don’t fret! There’s still time to plan and start saving. So why not make a Christmas list (and check it twice). This way you’ll know who you need to buy presents for, how much you need to (or are willing to) spend and where you need to shop. In doing so, you might also be able to take advantage of any upcoming sales leading into the holiday season, such as Black Friday in November. After all, who doesn’t want to save on money and unwanted stress!

    Tip: Shop the sales. If you know what you’re shopping for in advance, you can keep tabs on sales and take advantage of any special deals, like ‘buy one, get one free’.


4. Reuse where you can


    There’s something special about bringing the whole family together for a Christmas luncheon or hosting a backyard barbecue for your neighbours. But the costs associated with doing so can quickly add up. When it comes to Christmas shopping on a budget, one way to save a few dollars is to reuse where you can, including old Christmas decorations and table settings. Wrapping presents in old wrapping or newspaper, or using giftbags can also cut down your extra costs (especially if you’re buying for a number of people) – and it’s better for the environment, too.

    Tip: Get savvy with your festive spirit. Can you reuse old decorations or make table settings, such as name cards and flower arrangements, from materials you have at home?

At the end of the day, the festive season is about spending more quality time with loved ones. And if you know how to budget for Christmas, you can plan ahead so that your finances aren’t taking the majority of your attention. This way, you’ll be able to enjoy more of what matters.

Top 4 Christmas budget tips
Financial Wellbeing Coach

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The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.