How to be financially savvy... especially around Christmas time

It’s hard to know where your money goes to sometimes. At Christmas time it can be even harder!

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Here are some money tips and advice I tend to live by when it comes to saving and money:

1) I always like to know exactly where my money has gone. That’s why I only use my ATM card with every purchase I make. If I want to budget or look back I can check my statement and see exactly what I’ve spent my money on.

If you just have cash and coins lying around and you take out cash at the register or ATM machines that you don’t really need it tends to be spent on things you could do without.

2) Have a separate account to where your income goes into and make your everyday account transfer about $40 a week into it. Start with $40 but if you have fewer bills one month and less spending commitments make it $50 or $60. If you open a term deposit this could also go towards the term deposit. Having a term deposit is great because it gives you initiative to save and makes you not want to take money out because if you do there can be a high fee and this can discourage you.

3) When you have to buy presents for Christmas or friends or families birthdays check out sales around your area, there are usually toys, clothes, fashion, makeup, beauty bargains. These items are usually half price or more. So lets say you want to spend $100 on someone you can still buy things that retail at $100 but they could be on sale for $50.

I also find it much easier if I can to buy presents in advance and stock up.

This is great website to buy from, click here.

To find out if there is a sale near you (in Melbourne) visit here:

4) Do not buy big things that you can’t afford and put on credit cards or high interest payment plans.

This just causes you to be in debt and every month you will owe more and more. I’ve never had a credit card in my life and I intend never to have one.

5) Have a budget planner, I got one from Kmart and it’s helped me a lot.

I budget what I spend on food shopping, how much I need to spent for my child’s party, car essentials like a service and petrol. Or there are apps you can download and write all your expenses and bills etc.

6) Op shops, I love going op shopping. Sometimes I find brand new items for less than half the price. Sometimes shops donate to op shops especially the Salvation Army and Vinnies. I found a Fisher and Price brand new Giraffe activity centre for $15 and in the toy shops it was $100. That statement necklace you need could be there for a fraction of the price.

7) When saving for something big like a car, a deposit or furniture, I find it easier to make a separate stash of money and add to it rather than having it with your income. I either have it separate or if my term deposit is nearly over I add it to that and still watch it grow.

Try not to make impulsive buys, when I see something I like, I make a wish list in my phone. So I know I can go back to it and one day when it’s a special occasion or someone asks what to buy me I can refer to it.

8) I love buying summer things in winter and winter things in summer I put them away for the next season. It doesn’t bother me if they are last season’s stock or fashion because usually the same sort of fashion comes out again and again. Provided you choose looks that will be around for more than one season.

9) I love having an offset account if you have a home loan mortgage an offset account can save you a lot on interest. And if you need to use the money sitting in your offset account for an emergency you won’t have to pay fees or anything.

I hope these tips help you out. Feel free to share them with your children and family. Happy saving!

Do you have any other tips to add to the list? Please share in the comments below.

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29 Comments

- - meedee said
  - 14 Dec 2021
    10:40 am
I shop during the year and get myself gift cards to spend at Christmas time.

- - Melissa89 said
  - 26 Jul 2016
    5:29 pm
Christmas just destroys me so I make sure to put things away during the year

- - mom183717 said
  - 30 Jun 2016
    7:56 pm
lol I need to remember this for xmas

- - jacqbeckett said
  - 12 May 2016
    8:25 pm
I normally shop around on prices first before buying around xmas time.
I always forget to find out how to put money away for xmas the following year. I do have a separate account but once I see that account I tend to take money out of that account when im trying to save. what I did before I went to bali was got a tin where I cant take the lid off, each pay day I was putting money in there. I did really well compared to seeing money in my other account and can easily take the money out.

- - coastalkaryn said
  - 08 Feb 2016
    3:02 pm
I save all my $5 notes – they are not missed, and soon add up. I also have a Myer Christmas Club account – $35 a fortnight, and I have a nice summer wardrobe in the sales:)

- - ella12 said
  - 02 Feb 2016
    4:49 pm
Great ideas, thank you so much.

- - risshabear said
  - 26 Jan 2016
    4:19 am
We do pretty good. When I was pregnant my dur date was a month after Xmas. So we had to reslly knuckle down. I made a budget of how much to spend on each person and for my immediate family it worked out to be about $100 that year for 4 couples and 3 kids. My partner and I just register thing we loved and or cheap chocolates. We were so full of love for being new parents soon that we felt we didn’t need anything for xmas. The most current Xmas we still kept within budget. We kept to $20 each and we got toys on layby in the toy sale in July. That layby was easily paid off in small amounts which left with me with more allowance towards the end of the year for the adults. So it just comes down to how savy you are with organising and prioritising and so forth.

- - june11 said
  - 19 Jan 2016
    9:54 pm
I usually start Christmas shopping around Oct. because of other relatives little ones too. As they get a little older it becomes more difficult. You can easily double up on things so sometimes you need to discuss ideas with others. That has happened to me a couple of times, and almost did on another occasion. Luckily I had told the other person what I had already bought. We would have bought them from the same shop…and it closed shortly afterwards. I gave adults gift vouchers this Xmas just gone. I sneakily asked for hints, particularly for those who had to fly home. It was easier for them to buy near them than pack the things and pay for the weight of them on the flight home. Others didn’t think of that and they were barely within weight when they flew home. I also gave away some vouchers besides those that I had earnt filling in surveys.

- - coastalkaryn said
  - 11 Jan 2016
    6:53 pm
too late for me this year – next year I will be ahead though!

- - aprilb1 said
  - 28 Dec 2015
    12:39 pm
Great suggestions, i am really funny i will reuse gift bags and boxes rather then trow them out
- mom57665 replied
  
  02 Jan 2016 , 12:54 am
  I do that too! I re- use christmas bags, Easter bags and birthday bags
- - rachelvk said
  - 26 Dec 2015
    11:30 am
I trade in my credit card points at the end of the year for prepaid gift cards and use these for gift and food purchases and this helps to ease the burden.

- - mom68421 said
  - 18 Dec 2015
    9:06 am
I have found that too at the op shops! Some ones trash is another ones treasure! Unopened, unwanted gifts half the price, or less. Love my op shops.

- - mom112217 said
  - 09 Dec 2015
    7:07 pm
Great read.l like no.8 to stock up on items you will use and need in other seasons on sale!

- - mom101628 said
  - 07 Dec 2015
    9:55 pm
Would love to get a budget planner – you said you got one from K-Mart. How and when did you get? And can they still be obtained?
Never seem to find the time to get to an op shop – but I religiously pay my full account on my credit card each month and try not to impulse buy.
- mom57665 replied
  
  19 Dec 2015 , 6:28 pm
  Yes it was about $4 this was about a year ago but I have seen them recently.
  Theres also an app you can download
- - mum888 said
  - 07 Dec 2015
    1:02 pm
Oh so true , especially Christmas when retail make the biggest sales and prices can be quite high during this time .

- - rovermum said
  - 07 Dec 2015
    11:14 am
For extended family, we have a limit for each child/adult. This helps manage spending. I’m a great bargain shopper and always get things on sale. I tend to buy things throughout the year even, when I get an awesome price on some key items. Don’t buy on credit. I only spend with money I have.

- - mom57665 said
  - 05 Dec 2015
    10:56 pm
Thanks I’m glad you enjoyed my article : )

- - mom80542 said
  - 04 Dec 2015
    11:01 am
I do all the above already and have done for years. Then i have more money to spend on the important things like a yearly holiday Which i also have another separate account for. I just love watching it build up each week as it gets me excited about our next adventure. I also start planning next Christmas just after Christmas ends so that you can shop all year for bargain buys and save huge amounts of cash.

- - mom134803 said
  - 04 Dec 2015
    7:09 am
Some great useful tips here !

- - mom94125 said
  - 03 Dec 2015
    8:13 pm
number 4 is the wisest tip! don’t live outside of your means