The countdown to Christmas and New Year’s is on. Here are a few ways to get ahead of the rush and have a smoother silly season.
Believe it or not, we’re almost at the end of the year, with less than two months to go until Christmas. This means it’s time to start planning for the traditionally expensive season – from creating a present budget to finding discounts, these tips may help you prepare.
Come up with a seasonal budget
How much do you wish to spend over the silly season? To help come up with a budget, it may be worth looking at what’s likely to come into your bank account over the next couple of months and listing your existing obligations, such as loans, bills, rent and groceries. There are a few other ways to consider the budget question, including looking at last year’s spending or coming up with a per-person figure for spending on presents and food for loved ones.
Create a two-month savings plan
Once you have a budget in mind, it’s time to start saving for the occasion. Everyone has their own approach, but breaking down the overall amount into smaller, weekly instalments is a popular strategy. For example, if your target figure is $1200, that would mean putting aside $150 a week over eight weeks. Automating your payments with your customer-owned bank may help reduce the temptation to dip into the holiday fund early.
Set a shopping strategy
Eight weeks isn’t long to shop for gifts for loved ones while also preparing for seasonal gatherings. A targeted approach may help, such as:
- Coming up with a gift short-list for your loved ones
- Setting alerts for pre-Christmas online sales, such as Black Friday
- Buying produce early and in bulk, if possible, to save on last-minute mark-ups.
Track your progress
If you’re following a budget, keeping records along the way is a great way to stay accountable and prevent overspending. Consider setting up a spreadsheet to track everything you spend. If you’re not a spreadsheet person, apps such as Goodbudget and Buddy can help.
Find ways to save (or earn) along the way
With higher living costs continuing, many Australians will be looking to offset what they spend on the holidays with savings or extra earnings. Consider finding ways to win back some extra cash, such as:
- Reading the weekly specials and heading to the grocer’s or supermarket if they match your Christmas food shopping list
- Asking guests to bring their own drinks or a plate of food for celebrations
- Carpooling or taking public transport to catch-ups
- Shopping second-hand for decorations or gifts
- Having a homemade Christmas
- Selling your own unwanted items online.
While the next two months are likely to fly by, having the right strategy in place to save for the season will hopefully reduce any added financial stress and allow you to enjoy the holidays with your loved ones.