The festive season is all about celebrating, relaxing and spending quality time with loved ones — but it can also put a strain on your finances. With the rising cost of living, being prepared can help you enjoy the holidays without stretching your budget too far.
Recent figures from Moneysmart show that Australian adults expect to spend close to $800 in the lead-up to Christmas, with 34% planning to spend over $1,000. For those already feeling the pressure of day-to-day expenses, finding that extra money can turn a joyful time into a stressful one.
The key to staying on track is thoughtful planning. Here are some simple ways to enjoy a merry, budget-conscious festive season.
Setting a clear spending plan is essential if you want to avoid financial stress.
Start by creating a budget for gifts and consider purchasing them earlier. Giving yourself time to spread out expenses can make a big difference and you may even snag great deals during spring sales or Black Friday (28 November).
Once you’ve estimated your total festive costs, think about ways to fund them. You might reduce non-essential spending such as dining out, or look for ways to earn a little extra — like selling unused items online, hosting a garage sale, or picking up a side hustle such as tutoring, pet sitting, or dog walking.
Thoughtful gifts don’t need to be expensive. Handmade or personalised items are a heartfelt way to celebrate the season without blowing the budget.
You could bake festive treats, gift a plant cutting in a hand-decorated pot, or write a personalised Christmas card with a message that really means something. These gestures often feel more meaningful than store-bought items.
Food is often one of the biggest holiday expenses, but with a little planning, it doesn’t have to be.
Create a menu early and pick up items in advance — especially when they go on special. Stocking up before prices rise closer to Christmas can save you more than you’d expect.
If you’re hosting a large gathering, don’t be afraid to ask guests to bring a dish. Most people are happy to contribute and it helps lighten both the workload and the financial load.
It’s easy to get caught up in tap-and-go spending during the holidays, but relying too heavily on your credit card can lead to overspending and a painful bill in the new year.
Credit card interest rates can be steep, so if you can’t pay off the balance quickly, your festive purchases may end up costing much more. Instead, try to stick to cash or debit where possible to keep your spending in check.
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