With last-minute shopping, holiday parties and lots of gift giving, the Christmas season is one of the most expensive times of year for most households in Australia. However, in order to start 2017 off right, it’s important to keep spending in check and cut corners where you can. That’s why, SRG Finance has come up with 12 ways for you to save money this Christmas season, while still spreading holiday cheer.
1. Write a list before you go shopping—and stick to it
One of the easiest ways to save money is to only shop when you have a list. When shopping without a list you are more likely to make impulse and unplanned purchases. But, making a list is only the first step. When shopping this Christmas, make sure you stick to it, and don’t get sucked in by holiday promotions.
2. Quit using credit cards
Next time you go Christmas shopping leave your credit cards at home. Research shows that people who own more credit cards often spend more money. While paying with plastic is often more convenient, cash payments mean cash and coins must be handled, counted and traded: all of which requires a physical transaction, which often limits impulse purchases and makes consumer think twice before handing over payment at the register.
3. Take advantage of rewards and loyalty programs
Before you shop, consider what stores you’ll be doing the majority of your shopping at, and sign up for any rewards or rebates programs they may offer. It might not seem like much, but most loyalty cards will allow you to redeem points for cash, which is money back in your pocket.
4. Try Christmas shopping after Christmas
This can be tough, as many people have holiday parties or gift exchanges before December 25th, but many products are hugely discounted immediately after the holidays, and it can be worth your while to plan around these savings. Getting low on wrapping paper or other Christmas supplies? Shop around after Christmas for these seasonal items, and save them for next year.
5. Stop spending money on Christmas cards
Christmas cards are becoming more and more costly, and if you’re shopping for a lot of people, the cards along can total over $100 in your budget. Why not send digital Christmas cards? Or if you’re feeling creative, try making your cards instead. If you have kids, this is a great activity to engage them in—encourage kids to get creative with crayons, glitter, cut-outs from magazines, etc.
6. Cut back on your alcohol consumption
On average Australians gain 0.8-1.5kg over the Christmas period. One to two kilograms might not sound like much but researchers have identified that weight gained over the holiday period is rarely lost. Do something smart for your health and wallet this Christmas and cut back on your alcohol consumption. If you do choose to drink, watch your serving size, and be sure to alternate alcoholic drinks with water.
7. Invite friends over instead of going out
Do you have an annual get together with friends or family? Instead of enjoying a night on the town, why not offer to host it at home? Pot luck style parties can be a great way to trade off on cooking, and is much more affordable than eating and drinking at a restaurant or pub. Plus, if you host an event at home, you’ll save money and time in transit, and there’s no need to hire a babysitter for the evening.
8. Annual road trip to visit family? Make sure you pack food for the drive
Planning to pack the kids in the caravan and set off to see loved ones this holiday season? Don’t forget to bring snacks for the drive. Road side dinning is often expensive, unhealthy, and it can be hard to get everyone to agree on what they want to eat. Instead, take the time to pack a picnic and enjoy it together as a family part-way through the drive.
9. Swap babysitting with family or neighbours
Do you have an annual office party to attend, but can’t bring the kids along? Chances are your neighbours or family members are in the same boat. Save money on babysitting by offering to take turns watching the kids, while you attend your respective holiday gatherings.
10. Thinking of buying a new holiday outfit? Go through your closet first
Often times, the impulse to buy new clothes feels good in the moment, but not so good later when the credit card bill comes through. Before you decide to buy a new outfit this Christmas season, go through your closet FIRST. You may rediscover items you love, but just haven’t worn recently.
11. Avoid the mall
If you can, try to get your holiday shopping done without going to the mall. Malls are full of temptations and opportunities to make impulse purchases. Instead, consider local shopping streets closer to home, or do your Christmas shopping online: finding the perfect gift for loved ones is less stressful from the comfort of your couch!
12. Make your own gifts
Instead of buying gifts from the store, why not try making your own gifts to give loved ones this Christmas? Knit a scarf, create a photo book, or offer yard work or babysitting vouchers. Gift giving is all about showing you care, not about the amount of money you spend. Remember: a thoughtful gift is often more meaningful than an expensive one.
