Christmas is only 7 weeks away and now is the time to start planning for gifts, travel plans and events.
According to a survey from Pocketbook, Australians tend to spend around 30% of their income on discretionary spending (non-bills) in the year, but around Christmas that doubles – meaning we spend around 60% of our income on gifts, food, travel and more around this time of year.
This infographic presents some interesting data as to how Australians spend money during the holidays and the average amount spent on gifts:
With this in mind, we have 5 tips to help save money for Christmas:
- Ditch the coffee! We love coffee but in the weeks before Christmas consider cutting back on the takeaway coffee. With the average flat white costing $4.25, that can be quite a saving each week!
- Bring a packed lunch to work. This can seem a little boring but for a short time before Christmas it can save you average of $8-15 per day, which can add up quickly.
- Change the way you shop for groceries. Mix things up and try shopping at your local market or try Aldi as it is significantly cheaper than IGA or Coles due to their reduced overheads.
- Check to see if you can get cashback on any of your purchases in the run up to Christmas, have a look online and compare some of the current deals available.
- Limit spending on evenings out (temporarily!). Save some of the money you would spend going for drinks or dinner at the weekend and enjoy meeting friends in the park, going to the beach or a quiet night with Netflix. This will allow you to enjoy more in the festive season!
We hope you found these tips useful and find Anne Street Partners on LinkedIn for more news and advice in the right up to Christmas!