Don’t break your budget! How to save money on Christmas presents

Dec 01, 2019
Buying Christmas presents doesn't have to be expensive. Source: Getty

The festive season is upon us with only a few weeks left until Christmas day. And while the excitement is surely building for the grandkids who are eagerly awaiting the arrival of Santa Claus, for you it’s time to get out the wish list and head to the shops.

But instead of buying unnecessary gifts, spend some time thinking about what your loved ones really want this year before you start. Not only will this help you avoid overspending, it will also hopefully help avoid gift disappoint on Christmas day.

Make a list

Just as writing a grocery list can save you time and money, so too can writing a list before you tackle the Christmas shopping.

Instead of buying unnecessary gifts, spend some time thinking about what your loved ones really want this year before you start. Not only will this help you avoid overspending, it will also hopefully help avoid gift disappoint on Christmas day.

Create a budget

You likely stick to a budget throughout the year for everyday expenses, so why not do the same with Christmas presents? Give yourself an overall figure of how much you would like to spend on gifts and be prepared to stick to it.

After you’ve created a list of possible gift ideas, write down the prices of each alongside. If some of the present ideas push you over the budget, try looking around for online deals and browse catalogues for specials. If it’s still too expensive, then it might be time to consider an alternative gift.

Organise Secret Santa

Christmas can be especially pricey for those with large families. This year, instead of buying something for each person, why not organise a Secret Santa?

Each family member will be randomly assigned a person to buy a present for with the identity of the gift giver to remain anonymous. You can even set a spending limit, so there’s no chance of going over budget.

An added bonus is that your shopping time will be drastically reduced now that you only have to shop for one person.

Start shopping early

Leaving Christmas shopping until the last minute is a mistake made by many.

Instead of doing all your Christmas shopping in one day, try spacing it out over a few weeks so you can still afford groceries for the week and any unexpected bills that you may receive.

Create home-made gifts

You don’t have to spend big on presents to make someone feel happy, in fact sometimes it’s the home made items that have the biggest impact. Instead of spending $50 on a gift your loved one will have no need for in a year’s time, perhaps try creating a gift.

Get creative and make a quilt, bake some food or put together a personalised scrapbook.

Perhaps you could even create a whole hamper of treats including baked goods, jams and preserves. The options are endless.

Make the most of sales

Take advantage of the numerous sales in the lead up to Christmas. This year, November 29 marks Black Friday, where hundreds of stores drastically reduce their prices.

Look out for Cyber Monday sales right after Black Friday to land more bargains.

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.

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Have you started buying Christmas presents? Do you have any money saving tips for the festive season?

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