5 ways to budget for your remaining Christmas gifts

Christmas is fast approaching, but even Santa is not immune from the rising cost of living. Here are five ways to enter the Christmas shopping fray and not hurt your wallet in the process!

1. Figure out unnecessary expenses

Yes, it’s a routine move. But make that list of your income and expenses and check it twice for anything that needs cutting. For example:

• Try skipping a month of streaming services. The costs add up!

• Cut back from dining out or ordering in and cook more at home.

• Especially with higher fuel prices, try taking public transport over driving.

• Cut back on energy and water usage—the lower the bills, the better!

Check out our budget calculator for a quick, easy way of calculating your expenses.

2. Set a Christmas savings goal

With your budget figured out and extra cash in your pocket, set aside your weekly savings into a wishlist fund or ‘savings bucket’. Most savings accounts allow you to separate your funds and label them for different savings goals.

3. Take advantage of pre-Christmas sales

Black Friday is great for buying things for yourself, but don’t let the timing stop you from taking advantage of those awesome deals for others. Buying gifts before Christmas is a simple way to get ahead of the mob—just make sure you find a good hiding place for the presents!

4. Look for the best discounts

A lot of us are quick to make purchases without a second thought. But chances are the gift you want is sold in multiple retail outlets – and possibly for less! Instead of jumping straight into the nearest shopping centre, look online at the catalogues and compare for the best price on your chosen gift.

5. Set spending boundaries

No matter how much you want to give, or how much you want a gift, set limits on what you’re willing to spend. Christmas time abounds with temptations from all kinds of deals and new releases. Look at your Christmas savings and divide it in a way that puts a cap on what you’re willing to spend.

With the year coming to a close, are you looking to start saving money a bit more carefully? If you’re unsure which savings account to use, a high interest rate savings account might be just the ticket. You can also check out the 2024 Mozo Experts Choice Savings Award winners for some of the best savings accounts around.