How to save money over Christmas

CHRISTMAS can be a fun time of the year but many are left paying the bills for months afterwards. Here are easy ways to save money — without looking cheap.

Don’t be a Scrooge, you can still save money without being cheap.

CHRISTMAS can be a fun time of the year but many are left paying the bills for months afterwards.

According to Credit Savvy, one in three Australians spend more than they can afford to during the holiday season and 22 per cent say it takes them three or more months to recover from overspending.

While 52 per cent of Aussies save during the year specifically for the holiday season, if you aren’t one of the organised ones, here are some easy ways to save money — without looking cheap.

SET A BUDGET

Okay, it sounds boring but write a list of who you need to buy presents for and calculate the total amount — it’s often more than you think.

Use this to motivate you to make changes. This can include talking to your friends and family and deciding on a price limit for gifts.

If this sounds too awkward, cut your spending on other things. The key is to decide what’s important to you.

Use ASIC’s TrackMySPEND app to monitor your Christmas spending.

THE TRIMMINGS

A well-wrapped gift can give the cheapest present a boost so it’s worth putting effort into this.

Buying a roll of plain brown paper can look a lot nicer than cheap Christmas paper if combined with a festive ribbon (which can be bought quite cheaply at craft or $2 shops).

Another option is buying red, green or gold paper that you can also use throughout the year.

You can also re-use those brown paper bags that clothing stores hand out — just make sure they don’t have the store’s name stamped on them. They also look nice with ribbon tied around the handles.

Make sure to take advantage of any free gift wrapping in stores.

SHOPPING

Often your best weapon against spending too much is giving yourself plenty of time to shop around or find something thoughtful.

If you don’t have much time you can wait until Christmas Eve for sales but this does make shopping a lot more stressful. You can also check out outlet stores for designer clothing.

If you know what you want to buy, check prices online so you can ask for discounts in store and spot genuine bargains.

Another option is using websites such as etsy.com to find unique and affordable gifts.

MARKETS

Markets are a great place to shop as prices are generally cheaper and you can often find something a bit quirky. There are lots of Christmas markets including the Finders Keepers markets this weekend in Sydney.

Make sure you visit the right one, some of them are good for food, others for clothes and trinkets.

Finders Keepers markets.

BUY IN BULK

This is worth doing for things like wine, which you can give away as gifts or use for events you are hosting. Most places offer discounts if you buy two or more bottles. And if you are given wine, always hang on to the gift bag and reuse.

CHRISTMAS LUNCH

It’s always cheaper to buy ingredients in season so keep this in mind when planning your menu. Choosing to offer green beans as a side-dish for example, can end up being a lot cheaper than brussels sprouts.

Look for recipes that have less ingredients, this will often save you money and time too.

Decide what dishes you want to make as early as possible and keep an eye out for discounts on any of the non-perishable ingredients in the weeks leading up to Christmas.

Shopping for fruit and vegetables at a local market or an independent grocer is generally cheaper.

If you do shop at a major supermarket, many are now offering “ugly” fruit and vegetables. These misshapen specimens are cheaper and make no difference to the appearance of the dish once cooked, especially if they are used for mash for example.

It’s okay, it’s just ugly. Picture Simon Cross

DON’T BUY FOR YOURSELF

No, you don’t need that cute pair of shoes/handbag/dress you found when you were looking for a present for your sister/friend/husband.

If you really want it, shop for it after Christmas when prices are cheaper and you may have a gift card to help pay for it.

EVENTS

Try not to get carried away at Christmas drinks, skip that last beer and save yourself $8-$10.

Even better, don’t bother with a cab and walk home (only if this is safe of course).

CUT SPENDING IN OTHER AREAS

Stop buying coffee, bring your lunch to work, and cook extra food to store in the freezer so you won’t be tempted to buy meals out.

SELL YOUR STUFF

Take unwanted books to a second-hand book shop, sell unwanted clothes on eBay or have a garage sale.

GO CRAZY IN THE SALES

Buy Christmas decorations, pudding and wrapping paper to keep for next year once they go on sale.

While saving money can sometimes seem like a lot of effort for little reward, you might be surprised at how quickly all those extra dollars can add up.

Finding lots of small savings could also mean you don’t have to skimp on gifts and still enjoy the Christmas spirit.