5 easy ways to get your savings ready for Christmas 

Here are five simple strategies that could help you earn extra cash for the festive season. 

28 October 2020|2 minute read

friends celebrating christmas

If this year is anything like the 2019 festive season, Australians are probably looking to have a budget-friendly Christmas. But you don’t have to raid your savings.

Here’s what you can do to stack up some Christmas cash and some ideas for enjoying the silly season if you are on a budget. 

1. Set a spend limit 

It might seem like a well-known trick in the book, but there’s a good reason.

Setting a spend limit on everything from food to presents could help keep you from getting caught up in the festive season and forking out more that you should. 

Chat to your family and friends to set a spend limit on gifts. This may also help you avoid any gift-giving awkwardness!

You can share your proposed spend-limit with your partner or family members to help you stay accountable and stick to your budget over the holidays.

2. Sell unwanted stuff 

Those last few pay cheques of the year often have to stretch a long way. If that sounds like you, you might consider a spring clean and start selling unwanted items.

Nine out of ten of us have unwanted stuff just lying around our homes, and classified site Gumtree says it could be worth up to $5,300 per household.

Now could be the time to sell as some Aussies will be looking to pick up second-hand Christmas gifts. 

3. Hunt down unused gift cards 

Paying for Christmas gifts doesn’t have to mean raiding your savings. One in five of us have one or more unused gift cards, with an average remaining balance of $187 per person.

Instead of leaving your gift cards in limbo, you could put them to work paying for this year’s silly season purchases. Or, if the gift card is for a store you rarely shop at, see if you can exchange it for cash with a friend, family member or colleague. 

4. Eat in for delicious savings 

As one of the biggest events of the year, Aussie’s have been known to spend an average of $122 on their Christmas meal per person. That’s almost $500 for a family of four!

Resist the urge to splurge between now and Christmas by dining in more often. Cook extra on weekends and freeze leftovers to avoid the Friday night takeout cravings and have a cupboard cleanser to use what you already have.

5. Find out if refinancing is right for you

If you haven’t already heard, interest rates are at record-lows, with plenty of home loan rates starting with a 2.

If you’re looking to make some savings on your current home loan, now is a good time to chat with an Aussie Broker to see if you can lock in a lower rate through refinancing.

Even better, some lenders are offering competitive deals and incentives to refinance. That means there could room for you to save this holiday season by switching to a new loan!

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