Australians are expected to spend around $69billion this year on Christmas regardless of high interest rates and cost of living pressures. However, there are steps you can take to help ease the strain on your bank balance and sail into the New Year without a financial hangover.

Here are our tips on making your festive season a fiscally sensible one.

Set a Budget and Stick to It

Before you start shopping, determine how much you can realistically afford to spend on gifts, decorations, food, and entertainment. Break down your budget into categories, set limits for each and track your spending

Shop Early and Take Advantage of Sales

Look out for early bird sales, Black Friday, Cyber Monday, and pre-Christmas deals. Shopping ahead often allows you to grab items at a discount, and you’ll have time to compare prices.

DIY Gifts and Decorations

Homemade gifts and decorations can be both heartfelt and cost-effective. Consider creating DIY presents like baked goods, knitted scarves, or photo albums.

Limit Gift Giving

Consider cutting back on the number of gifts you buy. You could suggest a Secret Santa gift exchange for extended family or set a gift price limit to ensure that everyone spends within their means.

Use Cashback and Rewards Programs

If you have cashback apps or loyalty rewards cards, use them for your holiday shopping.

Buy Generic or Store Brand Items

For gifts or food, don’t be afraid to buy generic brands or store-brand products. These are often just as good as their branded counterparts but at a fraction of the cost.

Plan and Cook Meals at Home

Rather than splurging on catering or takeout, plan and cook your holiday meals at home. Plan meals that can be stretched over several days to minimize food waste.

Use Coupons and Promo Codes

Before making any purchases, search for coupons or promo codes that can help you save on gifts, decorations, or even Christmas groceries. Websites like Honey, Groupon, and RetailMeNot often have discounts you can apply online or in-store.

Repurpose Old Decorations

Instead of buying new Christmas decorations every year, use what you already have. Consider repurposing items from previous holidays, or get creative with low-cost items like pinecones, branches, and lights.

Avoid Last-Minute Shopping

Last-minute shopping is often the most expensive. It’s easy to grab whatever you can find when you’re rushed, and you’re less likely to compare prices or find discounts.

Bonus Tip: Give the Gift of Time

Sometimes the best gift you can give is your time. Offer to help with chores, babysit, or spend quality time with loved ones. Experiences and acts of kindness are meaningful gifts that don’t come with a price tag.

The Blackburne Mortgage Broking team wishes you and your Home Loan a wonderful festive season.