With the rising cost of living impacting all of us, the financial pressure leading up to Christmas can be stressful. Check out our top tips to keep your spending in check this festive season.
#1 Make a budget…and stick to it
The first step to smart holiday spending is setting a budget. Determine how much you can realistically afford to spend without it putting strain on your finances.
When budgeting, consider all the expenses that come with the holiday season – gifts, food, decorations and any other holiday-related costs.
If you find that you need to borrow money, explore repayment plans that won’t burden you with hefty charges. Sticking to a budget provides a clear financial roadmap, helping you avoid impulsive and excessive spending.
#2 Create a detailed shopping list and do your research
Before you hit the shops, make a detailed list of everything you need. It allows you to shop more efficiently, as you’ll know exactly what you’re looking for, reducing the chance of a cheeky impulse purchase.
Do your research online and see where you can get the best price for the item you are looking for, just don’t get sucked into spending the money you are saving, elsewhere!
#3 Resist impulse purchases
With so many enticing discounts around during the holiday season, it is easy to fall into the trap of impulse buying. Before succumbing to a seemingly unbeatable deal, ask yourself if you had initially intended to purchase that item… and then sleep on it before you make the call.
Often, the urge to buy fades once you’ve had a chance to consider whether the purchase aligns with your holiday budget and needs.
#4 Stay wary of marketing tactics.
Retailers have an array of marketing tactics up their sleeves during the holiday season.
Be cautious of enticing offers such as free shipping for orders over a certain amount. While it may seem like a great deal, don’t let it prompt you to buy more than you originally intended.
Remember, retailers aim to entice you into purchasing more, but it’s essential to safeguard your hard-earned money by staying within your budget.
#5 Buy thoughtfully, give meaningful gifts
A good gift isn’t necessarily an expensive one. Sometimes, a heartfelt, personalised gift can have a far greater impact than one that comes with a hefty price tag.
For children, limit it to one gift (they are inundated with presents on the day) and remember that the excitement of unwrapping presents often matters more than what the actual gift is inside.
#6 Buy less and do the right thing by the environment.
Chat to your family about doing secret Santa and set a realistic limit on what each person is going to spend.
Ask family to provide a list of things they need, not only is this better in the long run for the environment but it also makes your life easier if you know what to buy!
#7 Think long-term financial wellbeing
While it’s natural to want to celebrate and indulge during the holidays, remember that Christmas should not put undue financial strain on your finances.
Enjoy quality time with your family and friends, appreciating the true spirit of the season. Avoid overspending on fleeting pleasures that could haunt your finances for months. Prioritise financial stability and ensure your holiday celebrations align with your long-term financial goals.
The holiday season should be about joy, love, and cherished moments. By implementing these strategies, you can confidently navigate the holiday spending maze, ensuring your celebrations are filled with happiness and financial peace. Share your own money-saving tips for the holidays in the comments below!
Rent.com.au is Australia's largest company dedicated to renters and is owned and operated by ASX-listed Rent.com.au Limited (RNT:ASX). For over 15 years, Rent.com.au has exclusively focused on making renters' lives easier by making it easier to find a property, secure it, move in and pay rent.