8 money saving tips for the festive season
Tis’ the season…that can be exxy, not to mention easy to lose track of your money.
Key learnings covered in this topic
- Top tips for saving money in the festive season
- Strategies to save and budget
- The future impact of your spending.
With the sustained high cost of living, it’s more important than ever to get savings savvy over the festive period. Planning ahead, budgeting wisely and incorporating cost-saving strategies can help you enjoy the holiday season without ending up in a mountain of debt to ring in the new year.
Here are 8 money saving tips to help get you started.
1. Set a budget and track your spend
Land on a realistic budget for your holiday spending – and stick to it. Track your expenses by using one of the many expense-tracking apps out there, like Buddy, Smart Receipts or GoodBudget.
2. Create shopping lists and compare prices
Spend some time organising a list of gifts you intend to purchase for loved ones, and what you’ll need for the festive grocery budget. As well as providing clarity, it will help reduce impulse spending when you hit the stores or shop online.
Then, do some research online to ensure you’re getting the best deal before you part with your money.
3. Take advantage of credit card rewards and loyalty programs
Consider using loyalty points you collect throughout the year for holiday purchases to help offset costs.
For your favourite brands you know you’ll be purchasing from, join their loyalty program, subscribe to their newsletter, and follow them on social media to gain access to their exclusive discounts, rewards or early sales.
4. Search for promo codes or take advantage of cash back rewards
If you’re an online shopper, search for promo codes for discounts. Or use services like ShopBack or CashRewards to earn cashback on purchases.
5. Share festive season costs with family or loved ones
Hosting a celebration over the festive season? Ask your guests to ‘bring a dish’ and some drinks to ensure you aren’t footing the full cost of hosting.
Also, suggest a Kris Kringle gift exchange, instead of showering everyone with gifts. This can be a fun way to save you all time and money.
6. Consider buying items second-hand, or get creative
Shop second-hand for unique gifts or other items you need to celebrate the festive season.
Or, get creative by gifting something homemade that they can enjoy now (think baked goods for example) or keep for years to come (think DIY decorations for example).
As well as saving you money, they can help the environment and reduce waste.
And to prepare for next year…
7. Squirrel some money away throughout the year
Set aside a small allocation of money each paycheck so you don’t blow your budget in December or rely on money you don’t actually have.
8. Time your shopping with sales
Shopping in sales during the year help you save money (not to mention stress when you’re struggling to find a gift for your in-laws on 24 December).
Information correct as at 5 December 2023.