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Money tips for Christmas

With the festive season upon us, it’s time to think about how we can maximise the fun on a budget. Below are some tips to get started.

Make a budget

This simple but effective tip will help avoid overspending. Ideas for categories to include in your budget are:

  • Gifts, including the expected spend for each individual that you’ll buy a gift for.
  • Social events.
  • Spending money.
  • Decorations.
  • Travel and accommodation.
  • Cards.
  • Other expenses.

Use your credit card wisely

For any purchases made using your credit card, make sure you pay your credit card balance in full each month to ensure you make the most of the interest free period and avoid being charged any interest.

DIY gifts

If you can cook or you’re a handy baker, a homemade gift could save you money. If you’re an expert at odd jobs around the house, why not donate half an hour of your time to help a friend rather than going out and buying a gift?

Cheap gift wrapping and cards

Have you ever bought expensive wrapping paper only to end up recycling half of it? There are many $2 dollar shops that have quality, cheap wrapping paper. An easy area to cut back on could be Christmas cards, such as only sending cards to close family.

Enjoy the local events

Most cities offer free events throughout the Christmas period such as a parade, Carols in the park, Christmas windows and food festivals.

Set limits

Whether you’re shopping in-store or online, setting time limits can reduce temptation to spend more than you want to. If you’re shopping in-store, try taking a certain amount of cash or leaving your credit card at home, in order to avoid overspending.

Plan for next year

Once the new year begins, it’s never too early to start planning ahead for next Christmas. You can take advantage of discounts and specials throughout the year, which helps reduce the impact of spending all at once. Set up a Christmas Club savings account to allocate extra funds throughout the year. Plus, our Mobile Banking App makes it easy to track your savings too, check out how to do so here.