Time to read : 3 Minutes
How To Avoid Holiday Debt And Not Be The Grinch
It is upon us! Like some sneaky mistletoe hanging over December, there’s an ever-dwindling number of days till Christmas.
With the cost of living rising, it is normal to be feeling a little pressure when it comes to making sure you spread the Christmas magic far and wide.
🎄Despite all of that Aussies are still predicted to spend up to $63.9bn this Christmas, up 3% on last year.
🎁 On average, across Australia it's expected that we will each spend about $716 on gifts this year.
👛 But one in five of us is planning on spending less this year, with the interest rate rises really hurting people's budgets.
Here’s our five best tips to stretch your budget and not end up looking like the Grinch
1. Set a budget
Don’t pull a face quite yet – setting a strong budget for Christmas is going to set you free. How many times have you blown your pay in December and then had to hunker down eating tuna and ramen noodles waiting for your pay to land in January?
Avoid all of that hassle and agree with yourself now how much you want to spend.
I like to set it all out in a spreadsheet with some gift ideas that fit my budget. This way I can get a sense of who is getting what and how much money I need to set aside now before those costs hit my cards!
2. (not so) Secret santa
Gifting work friends or broader acquaintances can be really fun – if everyone keeps to the budget and you don’t have Sally in HR being the Grinch reincarnate.
Instead of feeling the pressure to get Jarod in legal an expensive gift, try encouraging those types of friend circles to do the gifting game instead.
I always loved Secret Santa and Bad Santa – even for friend groups or large families! It means everyone can spend a little more and get a quality gift for their person, instead of some terrible tacky thing that ends up in the ‘donate’ pile during a spring clean.
3. Regift, reuse, recycle
Sustainability doesn’t have to be dirty, folks. It can be cute!
If you get a gift that is truly not your speed, don’t be afraid to regift it. They always say that one person’s trash is anothers’ treasure. In a world where we could all do with consuming a little more mindfully and throwing away a little less, regifting is the perfect solution!
Get your friend a free gift with all the added bonus of being environmentally friendly.
….just make sure you keep a spreadsheet of who gifted you what…
4. Highway humbug
Out of all the costs that come with Christmas, the worst ones don’t come wrapped! Between brunches, road trips and nights out – December can be expensive logistically!
Factor in the cost of miscellaneous spending on things like entertainment, ubers, drinks and meals out and tolls which are inevitable when you’re bouncing around like Cindy Lou Who trying to make the most of the Christmas magic.
If you’re meeting friends for Christmas, give the gift of your time and skip the gift. If you’re feeling especially gracious, maybe shout your best friend's breakfast or her uber home instead!
5. Merry wealthy Christmas
If finding the spare change to make 2022 a magical Christmas is a little tight this year, give yourself a Christmas bonus next year and level up your gift game.
Figure out how much you’d like to spend on next year’s Christmas and turn that budget into a per-pay amount.
Start putting aside the money for next Christmas once this Christmas is over. Promise it’ll be the best present you can gift yourself in 2023.
The bottom line this merry season is...
Times are pretty tough for most people and so having open discussions with your nearest and dearest about spending caps could really help.
🎅🏾 Because making Christmas morning feeling magical doesn’t mean you have to go into debt.
🧶 Craft is very cool in 2022, and a handmade gift is a very special way of saying that you really care.
Read more:
inline: embedded-entry-inline, sys.id: 6VDGfTJ4mY3UfofIhZ7EaU
inline: embedded-entry-inline, sys.id: 6kjhFVqLp5wPSwWqxFSmla
inline: embedded-entry-inline, sys.id: 3f2eq4DGVMl4ipsNbwxFio
