With the festive season right around the corner, it’s time to start your Christmas shopping. You might be thinking about how much the festive season tends to drain your bank account, but we’re here to tell you it doesn’t have to be that way this year. It is possible to save for Christmas, it just takes a creative mind and some planning. Give these tips a go to help you start saving for Christmas!
1. Set a Christmas budget
Just like how you tackle anything to do with your personal finances, setting a strict budget for your Christmas shopping and ensuring you stick to it could help you save more this festive season1. A budget allows you to carefully plan how much you’ll dedicate to gifts, food and anything else you’ll need to purchase for Christmas. It gives you the oversight you need to keep yourself accountable of being a frugal spender.
2. Track your spending
To keep your Christmas budget up-to-date and as accurate as possible, it’s a good idea to track each Christmas purchase you make1. As we all know, it can be easy to go over your budget, and declining receipts or avoiding checking your bank account only adds to the problem. By actively taking the time to review your Christmas purchases, you’ll ensure you don’t get into the habit of over-spending, which could help you achieve your goal of saving more money this Christmas.
3. Shop for Christmas early
In the lead up to Christmas, you’ll generally notice retail outlets start promoting sales to attract consumers to purchase from them. That’s exactly the time when you want to be buying your Christmas gifts! It’ll save you some money and the person you’re buying for still gets the gift they wanted1. Regularly check in at the stores you’re planning to purchase from to keep an eye out for any sales.
4. Set a shopping schedule
Instead of shopping for Christmas across multiple days, making you sick of shopping and possibly also more likely to deviate from your budget, set a shopping schedule3. Pick specific days and times you’ll complete your Christmas shopping and stick to your schedule. You might just find it helps you feel more organised for Christmas and less likely to panic buy (saving you more money).
5. Reconsider your gift giving
As the saying goes, it’s quality over quantity, and that’s an approach you may like to take this Christmas. Instead of buying multiple Christmas gifts, consider buying one larger gift, or perhaps you may even like to give a gift as a group1. This allows you to accommodate for more people on your gift giving list, making the most of your Christmas budget.
6. DIY Christmas gifts
If you’re looking for a sentimental present that could also save you a bit of money, try your hand at DIY Christmas gifts1. From craft to baking, there’s a wide range of presents you can make and they’re often more personal. If you’re worried about not being artsy enough, there are often simple, easy-to-follow instructions or kits you can use.
7. Potluck Christmas
If catering for Christmas is included in your budget this year, it’s still possible to have enough money for food and gifts. Consider trying a ‘potluck’ Christmas so instead of one person buying and cooking the food, everyone contributes2. You may like to consider dividing it up so there’s no one person solely providing all the sides, mains or desserts – share the load, it’ll help everyone’s budgets!
8. Secret Santa
How can everyone’s budgets benefit this Christmas? Instead of buying a gift for each person on your list, why not introduce Secret Santa as a new way of gift-giving2? You can even set a monetary limit that suits everyone’s Christmas budgets so no one is stressing more than someone else in the group. Plus, it adds a bit of mystery and gets you into the Christmas spirit even more!
9. Send an e-card
Get the best of both worlds with this tip by cutting down on waste and costs. Instead of spending time and money purchasing a Christmas card, and paying for postage, send an electronic card (or e-card)2. It’s super easy to create one – there are plenty of free programs online that you can easily find and use. Plus, you know your card has arrived instantaneously and don’t need to worry about meeting the postage cut off times in the lead up to Christmas.
10. Upcycle wrapping paper
If you’re already doing DIY gifts, why not save some more money by reconsidering buying new wrapping paper? You could DIY wrapping paper with simple craft supplies you have at home. Or perhaps you’re someone who saves wrapping paper whenever you receive a gift – now’s the time to whip it out. You may even decide to reuse old newspapers or magazines and turn it into wrapping paper2. Whatever you choose, there are plenty of options out there to help you save a bit more on wrapping paper this Christmas.
Saving for Christmas
If you’re looking to save for Christmas and ensure you don’t dip into your overarching savings, consider putting funds aside into a dedicated Christmas savings account, such as Queensland Country Bank’s Christmas club account.
*Terms and conditions of Queensland Country Bank’s Christmas club account apply. View the relevant TMD available at queenslandcountry.bank. Normal lending criteria, terms, conditions and fees apply and are available on request.
General Advice Warning: This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information in this article, you should consider the appropriateness of the information provided. In particular, you should seek independent financial advice.
Sources
1Ramsey Solutions, 2022, 25 tips to save money this Christmas,
https://www.ramseysolutions.com/budgeting/tips-to-save-money-on-christmas
2Elyssa Kirkham, 2022, 50 tips for saving money during the holidays, Go Banking Rates, https://www.gobankingrates.com/saving-money/holiday/51-holiday-savings-tips-christmas/
3Salman Haqqi, 2021, 10 ways to save this Christmas, Money, https://www.money.co.uk/guides/10-ways-to-save-this-christmas