Christmas without the financial bloat? It can be done!

Christmas on a budget? Tightening Santa's belt without feeling like a Grinch? With all the demands on the purse strings the silly season can bring, it might sound like a tall order. But the good news is, you can enjoy all the festivities that Christmas brings and look after your financial well being for the year ahead too. 

Here are a few tips to help you plan a fun festive season without the financial bloat:

1. Budget ahead of time

Author Dave Ramsey says, “a budget is telling your money where to go, instead of wondering where it went” and Christmas spending is no different. Creating a Christmas budget ahead of time is a great way to avoid overspending and budget blow-outs over the holidays.

To work out how much money you’ll have to work with, use an Excel spreadsheet or our online budget planner tool to enter your regular income and all of your expenses including rent/mortgage repayments, utilities, insurances, car expenses, groceries and entertainment. Once you know what you’ve got left over, you can plan to put aside a set amount each month (or week) in a dedicated Christmas savings account.  

2. Share your budget 

Sharing your budget with family and friends is a great way to let them know how much you can afford to spend over the holidays. When people know you’re looking after your financial wellbeing, they’ll be more likely to support your spending choices over the holidays.

Got kids? Why not involve them in discussions about your Christmas savings goal - teaching financial literacy is a valuable life skill and it will help set realistic expectations about family gift-giving too. 

3. Give within your budget

Planning your giving ahead of time can really help you stick to your budget - and when you get the whole family on board it can make it even easier. Why not try Secret Santa, or agree to buy gifts for the kids only? Perhaps you could embrace eco-gifting with upcycled, pre-loved or hand-made gifts, or simply put a spending limit in place that works for everyone’s budget. 

4. Plan healthy fare and don’t over-cater 

With extra food and alcohol the norm over the summer break, the average Aussie gains 0.8-1.5kg in weight. Feeling the pinch already? Why not curb those Christmas calories and save some dollars too. Christmas leftovers can be great, but with so much food going to waste after Christmas Day, thinking ‘less is more’ when it comes to your Christmas spread, and being sure to include healthy, flavoursome options will help you save in more ways than one.

5. Holiday fun on a budget

Another challenge during the holidays can be finding ways to fill the days with affordable fun. Try to plan your holidays in advance to make the most of budget-friendly holiday options like house swapping with friends interstate, backyard sleep-outs, crafternoons, treasure hunts or staycation adventures to explore your own backyard. You can find inspiration on your local council website for free events and activities over the Christmas break too.

6. Make memories 

Making memories and sharing experiences with loved ones are the gifts that keep on giving. The gifts of time and shared adventures can bring much longer lasting joy than the things that money can buy, especially if over-spending is going to mean starting off the new year in debt. No thank you! Why not set an intention this Christmas to make more memories while spending less, and capture those special moments in photos, journals, drawings or albums for the kids. 

Ready to get your finances in shape for Christmas? 

Explore more savings account options here.