Christmas cost controls can extend to your party planning

Surging living costs have put a dampener on many households’ festive season plans, but experts say it’s still possible to party.

Anthony KeanePersonal finance writer

@keanemoney

3 min read

December 4, 2024 - 2:08PM

The Australian Business Network

Raiding the piggy bank for Christmas parties may be dangerous. Picture: iStock

National

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The season for Christmas, work and new year parties is under way and most Aussies have every right to rein in spending as living costs continue to climb.

Most of us don’t want to be seen as a Scrooge when it comes to celebrations, so there are ways to keep the fun but kill the huge credit card bill.

New research by fruit and vegetable delivery service Farmers Pick has found 38 per cent of Australians are embracing a low-key Christmas this year because of rising living costs.

MyBudget founder and director Tammy Barton says the festive season can be celebrated without breaking the bank.

“Now is the best time to create a really comprehensive budget and work out how much you can actually afford to spend,” she says.

And if you’re worried that budgeting sounds boring, don’t, because boring is the new cool when it comes to controlling living costs.

“What some might call ‘boring,’ I’d call intentional and conscious spending,” Barton says.

“With the rising cost of living, more people are realising that extravagant holidays aren’t the only way to create meaningful experiences. It’s about finding joy in simplicity and reminding ourselves of the true meaning of Christmas.”

FOOD FOR THOUGHT

When catering for parties, Farmers Pick co-founder Josh Ball say simple, tasty and affordable dishes can be created.

“Plan meals around seasonal produce,” he says.

“Use fresh, in-season fruits and veggies — they’re more affordable, tasty and nutritious. Right now we’re in the middle of cherry season which is the perfect ingredient for festive recipes.”

Multi-store shopping found as solution to cost of living crunch

Ball says simplify your menu by focusing on crowd-pleasers rather than extravagant spreads.

“Ask guests to bring a dish or drinks to spread the cost and effort while adding variety to the celebration. Offering to host is stressful enough; get everyone to pitch in.

“Shopping around for items a few months before their best before date is a great money-saving hack. These items are just as good quality but are often heavily discounted.”

EVERYONE’S HURTING

Ball says few Australians are immune to cost-of-living pressures, so there is more acceptance and support for people who are cutting back this Christmas.

“The focus is shifting from extravagant celebrations to meaningful connections, and most people value the time spent together over expensive gestures,” he says.

“Friends and family will likely be more understanding of people cutting back this year.”

Barton says nobody wants to enter 2025 with a credit card hangover.

“Where possible, try to avoid using credit cards or buy now pay later services to get you through,” she says. “Stick to your list.”

WORK PARTIES

Barton says work parties are usually funded by employers as a gesture of appreciation, but workers still need to be aware of extra costs and manage them.

“For instance, while food and beverages are usually covered, you might need to budget for transport to and from the event, especially if it’s held offsite, or for a new outfit if the dress code is more formal,” she says.

“It’s also important to navigate discretionary spending wisely — like purchasing drinks beyond what’s provided at the event or contributing to optional gift exchanges. The best thing you can do is to plan ahead.”