How to put away some cash before Christmas

The Christmas season can bring some much-needed relief from the stress of the working year — but it can leave your wallet feeling emptier than a stocking on Christmas Day. Here are some ways to save money for Christmas, shop smarter, and ease the burden on your bank account.

Set up a Christmas savings account

If you’ve got a lot of people to buy for, consider setting up a savings account dedicated to Christmas. This could also include funds for food, decorations, Christmas lights, and other festive expenses. By having a special account just for these things, put away some cash each month and be well prepared come December.

Check whether your bank offers sub-accounts that let you easily set aside cash from your main account.

Maintain a budget

It’s easy to get caught up in the spirit of giving. But if you put a budget in place before you hit the shops, you’re less likely to overspend. And if you’ve set up that special Xmas savings account, you’ll already have your set amount to work with.

Take advantage of online shopping

One of the great things about online shopping is the deals you can take advantage of. Many online retailers have a sign-up discount if it’s your first time shopping there. Even if you can go to their physical store, it might be worth ordering online for the savings.

Try to plan your online shopping around shopping events such as Black Friday and Cyber Monday in November, or Vogue shopping night in September. That way, you’ll be able to snag bargains throughout the year rather than paying full price later on. Just be careful not to get caught up in shopping just for the sake of getting a good deal. Rather, if there’s something on your list you can get a hold of through these sales, make the most of it!

Plan ahead to avoid a last minute Xmas blowout

Doing your Christmas shopping all at once can be a shock to your bank account. See if you can plan ahead by a few weeks, or even a few months, keeping the people you need to buy for in mind throughout the year. You might have a list of gifts already, or you might find the perfect something by surprise. Just don’t forget that you’ve already bought someone’s gift come December!

Try your hand at DIY

If you’re creative or even just want to give it a go, why not try your hand at some DIY crafts or baking? Handmade gifts don’t have to be fancy to offer a personal touch, and can mean more to your loved ones than just another gadget.

Go on a selling spree

While not as fun as a shopping spree, the rush from making a sale can almost be as good. You’ll make some extra cash while clearing out things you don’t need. Clothing, furniture, whatever you need to sell, there’s an online platform for it. Make use of free platforms like Gumtree and Facebook Marketplace, or Depop for clothes.

Suggest Secret Santa

Have you got a big family? If your list of people to buy for is getting out of control, you might want to suggest doing a Secret Santa instead. Also known as Kris Kringle or KK, each member of your family is assigned only one person to buy for. This way, you won’t go into debt buying gifts for everyone, and no one will be left out. There are even a few online platforms that will do the allocating for you.

Other ways you can save for Christmas

If you’re savvy with your money, you’re probably already thinking about other ways you can save during the year. If you haven’t checked your car insurance for a while, you might be missing out on opportunities to save some extra cash ­– for example, you can vary your excess with flexi-premiums. Find out more about this and other ways you could save on your car insurance premium with AAMI.

More ways to save with AAMI

Read more:

• More ways to save on your AAMI policy
• Smart steps for saving energy
• Common tax deductions people forget about

Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. Read the Product Disclosure Statement before buying this insurance. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.