9 ways to save $100 a week by Christmas

Christmas is edging slowly closer (ok, its still 11 weeks away) but its never too early to get a savings plan going on.

And with buying presents, Kris Kringle and pricey events all happening around the festive season, debit and credit card holders rack up an extra 17% spending in December compared to the rest of the year, new figures from Mozo shows.

A few simple savings and switches made now will mean less pain for households before the holiday season, says Kirsty Lamont, Mozo Director and you can save over $1000 by Christmas time by following a few simple tips from the money comparison website.

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SWITCH CREDIT CARDS – $215

Switching to a low rate card with a 0% balance transfer offer could be an effective way to spread the cost of the silly season.

By moving your balance onto a balance transfer deal you could avoid paying interest for up to 20 months, saving you $215 on a balance of $5,000 over the next 11 weeks alone.

“However it’s important to have a financial strategy in place to pay off the card’s balance before the interest free period expires to ensure you’re not paying off this Christmas for many Christmases to come,” advises Lamont.

BANK FEE FREE – $119

Despite the rise in the number of no fee banking products and the big banks finally ditching ATM fees just last week, the average Australian household is still throwing away $477 every year on avoidable bank charges, according to Mozo.

“Review your financial products and if you find you’re paying unnecessary fees, switch to a fee free alternative. This strategy could earn you a potential saving of around $120 before Christmas time rolls around,” says Lamont.

OPT FOR CHEAPER TRAVEL ALTERNATIVES – $159

From Melbourne Cup to the office Christmas party, opting for cheaper forms of transport like Uber, trains, buses or even walking if its not far.

At an evening rate of $2.63/km in Sydney plus a $3.60 flag fall every time you hail, taxis could be costing you around $67 per month for a 5km journey once a week. If you were to travel the same distance by bus, you would only pay around $14 for the month.

SCOUR DEAL SITES – $105

Dedicated deal sites like Groupon, Scoopon and Mydeal.com.au could be a quality source of cheaper gifts to and goodies for Christmas lunch. In a two-minute browse of one discount site, Mozo found up to 66% off a dozen bottles of Chardonnay, which had an original price of $159.

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SHOP SMART – $51

Review supermarket specials catalogues well ahead of the festive season, and nab your Christmas essentials when they pop up on sale. This strategy could potentially deliver over $50 in savings on a basket of 10 items including chocolates, cheese, dips and water crackers.

CHOOSE YOUR TRAVEL INSURANCE CAREFULLY – $120

Travel insurance can be pricey but if you shop around you can get big savings.

Mozo analysis shows that a family of four embarking on a week long trip to Bali could save $120 just by shopping around for travel insurance.

HAND MAKE CHRISTMAS GIFTS – $150

For those last minute gifts for in-laws, neighbours or teachers, put your craft skills on display and hand-make Christmas gifts like gingerbread, jam or pickled vegetables.

“Do-it-yourself Christmas gifts have been gaining traction in recent years and it’s not hard to see why, given the massive savings on offer. We estimated a saving of $150 based on spending $50 on ingredients and packaging, when you would normally spend $200 for 10 gifts. With plenty of crafty sites like Pinterest, you won’t be scrambling for inspo!” says Lamont.

KICK A VICE – $228

At around $3.80/$4 a pop, ditching your coffee habit or swapping your barista latte for the office coffee could see you save $228 by the time Christmas time.

HOST A CLOTHES SWAP – $96

Australians spend $96 a month on clothes and shoes, a recent study by Mozo found. Splashing out on a new Christmas party ensemble might be tempting but if your budget is already stretched this silly season, there is a thriftier alternative.

Host a clothes swap with friends where you each bring a handful of quality items of a similar value resulting in you and your friends getting a new look for much less. Or you could head to second hand or thirft shop likes Vinnies where you can get some great gear for a fraction of the price.