Ways to reduce your Christmas spending in 2018

CHRISTMAS is just a couple of months away so here’s some simple ways to make sure you don’t blow your budget.

CHRISTMAS is just nine weeks away and it’s likely many of us won’t have given it much thought.

But sure enough it will roll around quickly and our wallets will get a serious festive workout.

For those who have failed to work out a Christmas spending plan the good news is that it’s not too late.

Here’s some handy ways to get started.

1. DRAW UP A LIST

Work out who you are buying for this Christmas and jot down names.

Keep it to a minimum, and have a chat with family and friends about cutting back the list.

Sometimes adults don’t mind missing out and instead just keeping it to presents for the children.

MORE: Buy now, pay later schemes put under scrutiny

Get your slice of $17.5 billion in money waiting to be claimed

2. START BUYING GIFTS

Consumer finance specialist Lisa Montgomery urged shoppers to have a plan of attack in place to avoid paying too much. This includes a budget for each present.

“Last-minute Christmas shopping will mean you’ll probably buy poorly in terms of the person and what they may want or need,” Ms Montgomery said.

They key is to be organised.

The sooner you start buying presents the less financial burden you will have later.

3. THE THOUGHT THAT COUNTS

The price of the gift isn’t the most important thing, it’s the thought that counts most.

Ms Montgomery said there were some simple ways to curb your expenditure while still handing over a decent gift.

“It’s those heartfelt and thoughtful gifts which are the ones that are most appreciated,” she said.

“Handmade gifts that you can take the time and source together are often the most appreciated which are things people remember.”

Growing a plant, making a photo collage or baking food closer to Christmas can make good presents at low cost.

4. COMPARE COSTS

Before rushing in and buying anything, do your homework.

Pivot Wealth financial adviser Ben Nash said the retail industry remained extremely competitive so it was vital to hunt around for a good price on each item.

“Shopping around today these days helps you finds the gift you want to buy,” he said.

“Look at different websites because it can save you some money.”

5. USING CREDIT CARDS

This can be easier said than done, but try and avoid spending on credit.

Mr Nash said it usually resulted in overspending. “Research shows people spend more on credit than if they were spending their own savings,” he said.

“Unless someone is extremely disciplined you don’t want to end up with a credit hangover after Christmas.”

He suggested having a separate bank account for Christmas spending.

@sophieelsworth