With Christmas just 20 days away, you’ve undoubtedly got an overwhelming list of people to buy for. I know from experience that the festive season can be costly.
Australians spent an average of $573 on gifts for Christmas, collectively spending a whopping $10.7 billion in 2018. 15% of millennials even spent over $1000 – ouch!
Spending way too much on gifts can be easy when there’s sales galore, Afterpay in every second shop window, and enough Michael BublĂ© to send anyone mad.
But with $400 million spent on rejected presents last year – most of which end up in landfill – we clearly need to re-think our spending habits. We’ve got some money-saving tips to help you stick to a budget this festive season!
Gift mindfully
Overspending is bad for the environment and your wallet. While appreciated, the sad reality is that mindlessly purchased gifts end up a waste.
ING estimates Aussies received 10 million unwanted gifts last year. The biggest rejects include novelty items, candles, pamper products, and pyjamas.
Be careful when gifting to avoid financial and environmental waste. Shop locally and ethically where possible or buy from sites like Dreamstarter. Don’t forget to be mindful of your budget while doing so!
Make a list of what you want to buy for people and commit to it; this will prevent impulse buying. There is also no shame in asking someone what they want or need for Christmas.
A carefully purchased, meaningful gift will certainly bring more joy than a Lynx shower pack (sorry, grandma). And it might not end up a waste.
Want more ways to save on your Christmas shopping? Check out My Idle Income’s comprehensive list of different apps that help you find better deals!
Shop around
Retail stores are all in fierce competition this time of year, so it’s important to shop around. Even if you’ve somehow missed the major Christmas sales, you can still save money by being stingy in-store and online.
If you’re shopping in-store, check catalogues and other stores before making a purchase. Tech stores like JBHIFI will usually lower prices if you ask for a better deal, and most retailers price match nearby competitors.
Google makes online shopping easy, just keep shipping costs in mind. I always search for coupon and discount codes before purchasing anything. Check sales on websites you visit, and consider bidding on sites like eBay.
If you’re lazy, apps like Honey do all the work for you. Read the terms and conditions for these apps carefully as some may bank on your data.
Ditch the wrapping paper
Wrapping paper and ribbons might be pretty, but they are expensive and wasteful. Newspaper or brown butchers’ paper are dirt cheap, and can look quiet on trend if you wrap them nicely.
Photo by Erica Marsland-Huynh on Unsplash
They might seem cheap, but the cost of decorations can also add up quickly. Cheaper, natural alternatives like paper, foliage, or pinecones give a white Christmas look.
Go vintage
Vintage and second-hand items are both unique and affordable. Sites like Etsy have a great range of pre-loved goods, and op-shopping is fun.
People probably don’t want pre-worn socks, but they’ll certainly appreciate something hand-selected and thoughtful.
Check local thrift and charity stores, antique stores, and Facebook marketplace. Books, film cameras, records, or vintage homewares all make great gifts. I like to buy stocking fillers at Savers or Salvos to keep costs down.
Need more gift ideas? Check out Frugal and Thriving’s blog post.
Other ways to save
- Do a gift swap – Instead of buying for everyone individually, assign each person someone to buy for. This can be fun and cheap!
- Make something – who doesn’t love cupcakes? Bake someone a treat, or fill a jar with ingredients so they can do it themselves. Other projects might include woodwork, art, or beverages.
- Budget – Planning who you need to buy for, how much you need to spend, and what you need to purchase will prevent any overspending.
- Give to those in need – Buying for someone who doesn’t need anything? Purchase them something that goes to those in need. Thankyou and Oxfam both sell enjoyable gifts that make a life-changing difference.
- Share expenses – Share the costs of catering for Christmas by bringing a plate of food each, or go halves in a gift with someone.
- Start saving for next year – Christmas can sneak up on a lot of people, chewing their November and December income. If you put away just $10 or $20, you’ll have $520 and $1040 respectively to be prepared next year. A lot of people put their money in a jar and miss out on interest. If you are not disciplined, try a locked savings account instead.
Christmas is my favourite time of the year, but it can be very expensive. And no, it’s not all about buying stuff for people, but christmas lunch cost money too!
During this hectic time of the year, saving a dollar or two always helps. Do you have any advice for saving money? Let me know below!
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