Celebrating Christmas during a cost-of-living crisis has many Australians wondering how they’ll afford it.
According to a recent survey, 71 percent of us plan to pay for Christmas expenses by dipping into our savings while another 16 percent intend on pulling out their credit card.
WATCH NOW: How To Make Your Own Aussie-themed Christmas Decorations. Article continues after video.
New Idea spoke to financial planner Canna Campbell who told us how to keep your finances on track this festive period, to avoid ending up on the ‘naughty’ list!
“It’s so important to have a budget and understand where you’ve got financial waste,” says Canna, also the founder of money awareness YouTube channel, SugarMammaTV.
The Sydney mother-of-three, who is a financial planner began producing videos on financial wellbeing 8 years ago.
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This Christmas, Canna plans to focus on gratitude rather than material gifts and urges Aussies to do the same.
“This year I’m being very careful with Christmas,” she says. “We want to show our children how to be grateful for the right things. We forget how lucky we are to have a roof over our head and live in a safe country with clean running water and a great education system.”
Canna’s three kids receive a couple of presents to open on Christmas day, but the focus is on gifting experiences. She and her partner Tom follow the same rules.
“We try to invest in memories and give them something they’ll remember,” Canna explains, opting for movie tickets, or surfing lessons.
What are her tips for everyday Aussies this Christmas? When it comes to gifting, Canna says go into it with a plan.
“Make a list of who you need to buy for and set a financial limit,” she says. “Do research and find the best price possible. If someone you have a $30 budget for, but only spend $20, don’t feel obliged to spend the extra $10. Run with that savings.”
Canna adds that the best gifts can be free.
“Acts of service are great,” she says. “Things like offering to make a beautiful lasagne when your partner is tired or a token to serve high tea at home. You don’t need to spend a fortune to give a thoughtful gift.”
How to save on gifts this Christmas
- Invest in memories as gifts, a bushwalk with friends or a picnic at the park.
- To cut down on buying multiple gifts, do a secret Santa with extended family.
- Make cash back from online shopping with Cash Rewards.
- Shop second hand gifts from Salvos, Facebook Marketplace, Gumtree and eBay.
How to save on food this Christmas
- Consider stocking up on non-perishable items throughout the year.
- For Coles weekly specials, the best time to go is Wednesday as the shelves get fully stocked the night before.
- Want to save on bread and meat? Heading to your local Woolworths after 4.30pm to get a discount as bread and other fresh produce.
- Use the app Frugl to compare supermarket prices and find items, like alcohol, on special.
- Sign up for Woolworths Everyday Rewards and bank the discounts.
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How to save on decorations this Christmas
- Reuse the decorations you have or combine them with a few thrifted ones to create a new look.
- Save on wrapping paper by reusing gift bags or place them in reusable cloth bags and tie with a nice ribbon.
- Send Christmas wishes via email, direct message or social media. Or get the kids to draw Christmas cards and send it by email instead of paying for postage!
Those these are very specific ways to save money in different areas during the festive period, there are also general preparations you can take that are sure to save to even more money!
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How to save money this Christmas
- Check delivery times
If purchasing anything online during this time whether that be decorations or gifts, you need to be prepared. To ensure that you will receive your items before the big day it is best to check the delivery times over Christmas… this will also ensure you aren’t paying extra for express delivery.
- Shop early
Though it may be a little late to “shop early” this for Christmas year, in the future you can think about taking advantage of major sale periods like Black Friday and Cyber Monday when searching for Christmas gifts. With Boxing Day sales just around the corner, this could be a good opportunity to be super prepared for next year, while also saving money!
- Ask for wish lists
By making the effort to ask your friends and family what they want for Christmas, you can ensure you are getting them gifts they actually want.
- Consider extended shopping hours
Over Christmas it is very common for retailers and large shopping centres to extend their opening hours. By keeping on eye on this kind of information you can make sure you avoid large queues and you can also potentially snag some end-of-day bargains.
The deli section in Coles and Woolworths is often a great chance to get a markdown price as they cannot keep a lot of their fresh produce due to closing their stores on Christmas Day.
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