Debt ratings agency Veda Advantage recommends that consumers set a spending limit and stick to it. “We are not saying don’t use your credit card, that is what they are there for, to spread out lumpy purchases like Christmas – but plan your repayments before you go out and spend the money.”
We have also included some tips to help you save money during Christmas, yet keeping it fun for the whole family.
Make it fun
Christmas shopping shouldn't be a chore. Variations of gift exchanging include:
- Secret Santa - If you have a group that’s keen on the idea, Secret Santa can be a fun and inexpensive way to participate in the holiday season on a minimal budget
- Gift Themes - Choose a theme — travel, computers, food, whatever — and encourage everyone in the group to base their gifts around it
- Draw names - This is an excellent way to cut down costs while still participating in a gift exchange. You can draw another person’s name from a hat and give this person a nice gift. This is similar to secret santa
Homemade gifts demonstrate caring, creativity and passion.
- A hand-assembled collection of gourmet salts, complete with written description of each.
- Biscuits, cakes, muffins
- Art. (Do you dabble in photography? A framed print of your nephew is a great gift for your sister-in-law.)
- Home-made jams and jellies
- Hampers for example a cheese and wine hamper, or a hamper made up of someone's favourite foods including chocolates, fudge, shortbread and jams
- Send postcards or a letter instead ofChristmas cards
- Save your children’s (or grandchildren’s) holiday crafts and artwork from school each year and use the artwork as Christmas decorations for around the house or on the Christmas tree
- Cuting up old Christmas cards can make wonderful gift tags too
