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Simple money-saving hacks for Christmas
Certain times of the year – Christmas, we’re looking at you – can have Australian families at breaking point. There is pressure to spend on gifts, entertainment and travel to attend family gatherings and events. Many people tend to live beyond their means at this time of year, and it can take months to catch up on finances. In fact, last Christmas left almost half of the population (46%) in debt at the start of the year.
With Christmas very fast approaching, it’s important to take a moment to consider not only the ‘here and now’, but also the aftermath. After all, financial wellbeing makes up a large part of your overall wellbeing. It’s an important consideration in keeping you and your family happy, healthy and stressing less! We also know that mental health and financial safety are strongly linked – financial stresses can add to an existing mental illness or create feelings of anxiety or depression.
Research from Beyond Blue, titled ‘Australia’s 2024 Mental Health and Wellbeing Check’, found that financial pressure was the leading cause of distress for almost half (46%) of all study participants. Beyond Blue has teamed up with not-for-profit organisation Financial Counselling Australia to create an online tool designed to help people assess their level of financial and mental stress. Recent results have found that over 70% of users fall into either the ‘Struggling’ or ‘Critical’ categories of the financial and mental wellbeing scale. If you feel that money problems might be a cause of concern, take the quiz and find out where you sit on the scale. There are support services available to you on the Beyond Blue and Financial Counselling Australia websites.
With all that said, here are some ways to enjoy the festive season without that post-Christmas financial regret.
Budget how much you can spend on all that’s festive
It may sound overly simplistic, but setting a budget and sticking to it is key to limiting spending. While last Christmas, the majority of Australians (74%) had a spending limit in place, only 29% managed to stick to it, with many resorting to credit cards or ‘buy now, pay later’ services like Afterpay to fund their spending.
When setting your budget, pick a figure that you’re comfortable spending across all festive season-related purchases – gifts, decorations, party outfits, food and outings – and stick within the limits.
Remember, purchases you make on credit cards and ‘buy now, pay later’ services need to be included within that budget. This will help keep those bills manageable afterwards, as you will already know how much you’ve spent. There are several budgeting apps you can use, while many banking apps like CommBank have helpful budgeting features built in. The Australian Government Moneysmart website also has a helpful guide.
You don’t have to spend big bucks on gifts
While Christmas is often an excuse to spoil the little ones, this doesn’t mean we need to go bankrupt to do so! Ever heard of the Four Gifts rule? Instead of buying a mountain of gifts for the kids to unwrap on Christmas morning, you give them four things: Something they want, something they need, something to wear and something to read. This helps you become more intentional about your gift giving and limits needless spending.
As for the adults in the family, how about cutting back on unnecessary purchases by arranging a ‘secret Santa’ exchange or eliminating presents altogether. With over $1 billion spent on unwanted gifts last Christmas, this will not only save your wallet and the embarrassment of having to fake excitement over unwrapping yet another pair of holiday socks, it can also help save tonnes of waste going into landfill. Handmade gifts are also a great option to reduce your spending, while having the added benefit of being special and unique. These days, time is a commodity we have in short supply, so your loved ones will appreciate the effort and time that goes into something homemade.
Go one step further and give a handmade gift with a healthy twist. Check out some of our fun and festive dietitian-approved treats.
Other gift ideas include a goody basket filled with someone’s favourite holiday treats or nostalgic snacks (throw in some healthy options for good measure), or consider putting together a self-care hamper filled with things like natural beauty products, candles, an eye mask or a heat pad. Plants and succulents also make lovely gifts and have the added benefit of bringing greenery into someone’s home.
Plan your Christmas feast ahead
It’s an expensive meal, and the costs of our favourite Christmas feast continues to rise, but budgeting for your groceries at this time of year can go a long way to help you save. Set a figure you plan to stick to and work out portion sizes based on the number of guests beforehand, so you don’t over cater. Plus, not having too much leftover food and drinks hanging round means you’re less likely to be tempted by calorific fare for days afterwards, or needlessly wasting food.
If your hosting efforts are threatening to send you over what you can realistically afford, there is no shame in asking people to pitch in by bringing their own drinks or contribute by preparing a dish.
Is financial stress affecting your health and wellbeing?
Some signs that financial stress is affecting your mental wellbeing include:
- arguing with loved ones about money
- trouble sleeping
- feelings of anger or fear
- mood swings
- tiredness
- loss of appetite
- withdrawing from others.
How can you get help? Usually the earlier you ask for help the more options will be available to you. Start with talking to your bank and seeing what they can offer in terms of financial difficulty programs. Also, Australians have access to a free National Debt Helpline on 1800 007 007.
Final word
Nobody wants debt as a guest at the table this Christmas. When not well-managed, it’s also that annoying guest that overstays its welcome well into the New Year. By following the tips above, we hope you can maintain or improve your own financial wellbeing this Christmas and enjoy a stress-free start to the new year.
The above information is intended for general information purposes only. It has been prepared without taking into account your objectives, financial situation or needs. The information provided should not be relied upon as financial advice and does not supersede or replace a consultation with a suitably qualified professional.
Sources
https://www.medicarementalhealth.gov.au/living-well/feeling-safe-secure
https://www.beyondblue.org.au/about/media/media-releases/beyond-blue-data-reveals-distress
https://www.beyondblue.org.au/mental-health/financial-wellbeing/money-quiz
https://www.beyondblue.org.au/mental-health/financial-wellbeing/financial-wellbeing-supporter-pack
https://www.financialcounsellingaustralia.org.au/
https://www.cbhs.com.au/mind-and-body/blog/Budgeting-apps-to-help-your-financial-wellbeing
https://moneysmart.gov.au/budgeting
https://www.cbhs.com.au/mind-and-body/blog/treat-yourself-christmas-treats-with-healthy-tweaks
https://www.abc.net.au/news/2023-12-17/christmas-lunch-inflation-cost-price-food/103186506
https://www.cbhs.com.au/mind-and-body/blog/savings-tips-for-your-grocery-trips
https://moneysmart.gov.au/managing-debt/financial-counselling