Christmas spending can easily spiral out of control. “Don’t go putting everything on credit card in the hope of sorting it out later,” says Martin Grace, director of Budget Freedom. “If you don’t have a yearly budget, at least draw one up for Christmas.”
To make the outlay sting less, set aside $20 a week and you’ll accrue $1000 by December. If it’s your turn as host, bump it up to $30 a week and you’ll have food and drinks covered, too. “Keep to your budget and spend within your limits,” says Grace.
If you don’t have a stash of cash put away for gifts, take heart. A recent survey found that more than half of Christmas gifts go unused or are given away. Increasingly, people consider donations to charities the perfect Christmas gift, with many people saying they’d be happy to learn that their gift went to a worthy cause.
Top bargain-hunting tip
Along with gifts and food, travel is another big expense. It’s often cheaper to fly on Christmas Eve. “The 24th marks the start of shoulder season when prices tend to drop,’’ says travel consultant Lisa Ferrari. If you can, plan ahead at this time of year, she says. “By booking in advance, you can save up to $800 on a flight to London over Christmas.
Tips for saving money at Christmas
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