How to start saving for Christmas 2026 now

Christmas is an expensive time of year for Aussie households, between gifts, food and hosting. In fact, research from ASIC MoneySmart found that 44% of people regret their spending in previous years^. With a little careful planning, you can avoid a budget blowout this Christmas 2026. Here’s how to set yourself up for success early on.

Work out what you spent on Christmas last year

Your first task is to work out what you spent last Christmas. Go through your bank statements and remember to factor in any credit cards or buy now pay later services you might have used to make ends meet. Factor in the cost of food, gifts, decor, events, and activities. If you’re known to buy a new outfit for the work Christmas party, factor that in too!

Once you’ve got your total, add a buffer. A small buffer might be 5-10 per cent of your total to account for rising costs throughout the year. But if you intend to spend more this Christmas, or you anticipate having higher expenses – maybe it’s your turn to host! – you might add on 40-50 per cent to be extra prepared.

Spread the cost per pay cycle

Next, work out how many times per year you get paid between now and the upcoming festive season. It pays to be ready to spend by late November. That way you can take advantage of Black Friday sales to save money on your gifting.

For example, if you get paid fortnightly, you’ll likely have around 23-24 paydays between 1st January and Black Friday. Take your festival total, including your buffer, and divide that by the number of paydays you’ve calculated. That’s how much you need to set aside from each pay to be able to cover Christmas without dipping into savings or debt.

Start building your savings for Christmas 2026 now

Setting a plan is one thing. Following through is another. Set yourself up for success by allocating a specific savings account for your Christmas funds. The Bendigo Bank Reward Saver offers a bonus variable interest when you increase your balance each month, keeping you motivated to keep building your Christmas savings. Alternatively, the Bendigo Bank EasySaver is a simple saver with a standard variable rate of interest.

If your household budget could use a new year refresh, try the Bendigo Bank Online Budget Planner. Plug in your numbers and get a personalised budget to help keep you on track for this year.