Start saving now for Christmas
Plan ahead to avoid a Christmas budget blowout.
While March may seem early to be talking about budgeting for Christmas, the big day is only 39 weeks away. That’s about 274 sleeps. (As of March 26, 2019).
Christmas remains one of the biggest expenses of the year for families and in 2018 Australians spent a collective $25 billion on the festive season, an average spend of $1325 per person.
We’ve created a set of easy to follow tips to help you save in the lead up to Christmas and avoid a budget blowout.
Pay off debt
If you’re still paying off debt from Christmas 2018, its best to pay off what’s owed before you start squirreling money away for Christmas 2019.
Once paid off, reassess your Christmas spending habits to avoid owing money again next year.
Do the math
Tally up how much you spent last Christmas and work out how much you want to spend this year so you can start putting money away each week in the lead up to 25 December.
If your goal is to save up the average Australian spend of $1325 from 2018, then you will need to put away around $34 each week in the lead up to Christmas.
Check to see what you already have
You don’t need to purchase new Christmas decorations every year. The ones you brought in previous years will do just fine.
After taking stock of your existing decorations, have a look at what else you have around the house. Some items could be sold online or through a garage sale to make extra cash.
Set some limits
It’s very easy to go overboard at Christmas, so set some boundaries early.
Discuss with other family members a value limit to spend on gifts, only buy presents for kids or try Secret Santa.
Make a list
This tip comes directly from the jolly old fella himself. Before you venture out to the shops, make a list and check it twice.
Try to shop the sales throughout the year and use layby so you’re not hit with expenses all at once next festive season.