9 budgeting tips for the holiday season

With the holiday season fast approaching, families across Australia are feeling the pinch. The cost of living is continuing to rise, and end-of-year festivities can be costly at the best of times. Luckily, there are a few things you can do to minimise your expenses. Here are 9 tips to save you money this holiday season.

1. Ask everyone to provide a wishlist

Yes, even the adults! Asking for gifts you want can sometimes be seen as greedy or entitled – but being clear with what you want or need saves money and waste for everyone. Gather your family and ask everyone to submit a list of a few things they’d like so you know you’re buying with intention. If they’re not sure, ask them if they need any existing things replaced, or whether you can save them time or money in some way by shouting them something they would’ve bought anyway.

2. Get creative with gift giving

Gifting puts a lot of pressure on people around the holidays. Getting creative with different ways of gifting can ease the load and make it more fun. Some ideas include:

• Set a challenge to each make a gift at home, for example jams, chutneys, cocktail mixes, salts, spices, etc.
• Try Secret Santa or Bad Santa so each person buys one gift at a set price limit, rather than buying for everyone.
• Instead of individual gifts, agree on a group experience or activity to do together as a festive celebration.

3. Do potluck celebrations to spread the cost

Not only is it expensive to host holiday celebrations, the costs and responsibilities often fall on one person. Instead, consider a potluck where each person brings a plate of food to share. Alternatively, you could each take responsibility for a certain course. It brings everyone together, makes for interesting recipe conversation and splits the cost. It’s a win, win, win!

4. Plan early to reduce panic spending and maximise sale periods

The later you leave your planning, the more it’ll cost you. Get organised early to make the most of special offers and sales, and if you’re buying online, allow yourself plenty of time for your packages to arrive. Don’t forget to ask for a price match or price beat if you’ve seen a cheaper price elsewhere.

5. Buy in bulk from local grocers and farmers for economies of scale

When it comes to groceries for the holiday season, you might be able to benefit from ordering ahead and buying from local wholesalers or producers. Things like mixed fruit and veg boxes and meat packs from butchers can get you the volume you need at a lower price than major supermarkets.

6. Double down your rewards on all holiday costs

If you’re spending money, you may as well be rewarded for it! Remember to look for discount codes, cashback offers or opportunities to earn rewards points on every purchase. Spend a bit of time weighing up the best options when you’re shopping to get the lowest price and biggest reward.

7. Shop preloved or host your own swap

Preloved doesn’t have to mean compromising on quality. When looking for gifts, do a sweep of Facebook Marketplace, eBay and resale sites like Depop to see if you can snag something second hand. Particularly when it comes to household goods and appliances, you might be able to find someone selling a brand new or like new product much cheaper than a retailer. For other things like clothing and accessories, you could even host your own swap with friends or family. You all get some new pieces, and nobody has to spend a cent.

8. Ditch expensive gift wrap

Gift wrap can be wasteful and expensive – and close to Christmas, it can be pretty hard to find, too. Instead, get creative with alternative wrapping solutions. Think cloths, tea towels, fabric offcuts, and even newspapers. Plus, it makes your present pile look artisanal and rustic!

9. Open the communication with friends and family

This year’s cost of living crisis is unprecedented, and almost everyone is feeling the pinch in some way. One of the most powerful things you can do at times like this is open the dialogue with friends and family. Take away expectations, create a safe space for people to say ‘sorry, I can’t afford that this year’, and come to an agreement that makes everyone feel like they’re being heard.