Yahoo Finance 7 tips to cut the cost of Christmas in half
The festive season is creeping up, and Aussies are forecast to spend $464 on presents alone.
The good news is we’re heading into sales season, where you can stock up on gifts and cut the cost of Christmas with a bit of savvy shopping. Finder.com.au shares seven tips to help you navigate the upcoming sales and reduce your Christmas spend.
Also read: 5 of the most expensive cars in the world
Make a list (and check it twice)
A detailed list of everyone you need to buy a present for is a good place to start when it comes to nailing your Christmas shopping. Keep a realistic budget in mind and assign one item to each person, crossing them off as you purchase each item. Not only does this help you monitor your spending in the lead up to Christmas, it ensures you don’t double up on gifts or forget anyone.
Compiling a list of items you’d like to purchase can also help you make the most of the limited time available during a sale as well. No one wants to be floundering around in the bargain bin at closing time.
Set a budget and stick to it
The importance of maintaining a realistic budget in the lead up to Christmas cannot be overestimated. Over two-thirds of Aussies end up with post-purchase blues, and you don’t want to end up with a Christmas debt hangover from overspending.
Take some time to go over your finances prior to the Christmas period. This will give you a good indication of how much you can set aside for presents. It may also be worth speaking with relatives about organising a Secret Santa gift exchange so you only have to buy a gift for a single person, rather than purchasing gifts for the entire family. Cash limits can also help prevent any awkwardness around gift-giving expectations.
Also read: Are you about to pay tax on everything you earn?
Timing is everything
There are a handful of major sales to look out for between now and December, and it pays to plan ahead. Online sales like Black Friday and Cyber Monday will see prices slashed across a huge range of products from electronics and homewares to fashion and furniture.
Keep in mind that many of the upcoming sales happen across a 24-hour period, so remember to pencil in the dates to ensure you don’t miss them. Sales are a savvy way to purchase quality gifts at a fraction of the usual price.
Compare the pair
Smaller brands are often stocked by larger retailers like Myer or David Jones, particularly when it comes to fashion and homewares. During the sales season, larger stores will sometimes offer better deals and discounts for the same item than the smaller brands do themselves. Before making an online purchase, check to make sure the item isn’t stocked elsewhere at a lower price.
Postage and shipping costs may differ between stockists, so make sure you take this into consideration when comparing prices.
Try before you buy
Almost all of us are guilty of giving into the occasional impulse buy from time to time. More often than not, these fleeting purchases result in an ill-fitting garment and buyer’s remorse. To prevent having to wrestle with refunds and returns policies, inspect the item or garment in-store first. That way when you make the purchase during an online sale, you’ll know exactly what you’re getting.
Also read: The ‘appalling’ scam targeting Aussies’ generosity
Beat the crowds
Online sale events can attract a high volume of shoppers. This can slow down the sites of participating retailers and make them tedious to navigate. If you take your sales seriously, jump online a couple of hours early and fill up your shopping cart ahead of time. That way once the sales event kicks off, all you’ll need to do is double check your items and proceed to the checkout.
Use your vouchers
Christmas can be the perfect time to put those abandoned vouchers and gift cards to use before they expire. Every dollar of gift-card credit spent is less money taken from your own pocket. Gift-cards and vouchers can be a smart way to maximise your savings even further if used in conjunction with a sale.
Bessie Hassan is the Money expert at finder.com.au
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.
