Five ways to limit festive spending

COMPLETING my Christmas shopping list is a goal I try to knock over before December 1 every year.

I dread hitting the stores in the remaining weeks before Christmas when panicstricken shoppers are making a mad dash through the aisles to buy any crap they can get their hands on.

We’ve only got four weeks to go until December 25, and these are five cost-cutting measures I adopt every year:

1 MAXIMISE SALES

I’m counting down to Black Friday and Cyber Monday, which both fall within the next week. It’s likely to be your last decent chance to snare presents with a discounted price tag attached.

2 LIMIT PRESENT LISTS

There’s no need to buy crappy gifts for every Tom, Dick and Harry you know.

I pen out a gift list every year, and for some of my mates we’ve mutually agreed to ditch buying presents for each other, which reduces everyone’s costs.

I believe Christmas is for kids anyway. Nothing beats seeing them smile on Christmas Day when you give them an awesome gift.

3 PAY FOR IT NOW, NOT LATER

Why roll into the new year laden with debt?

No-one feels good when they owe money on their credit card and, worse still, for random stuff they can’t even remember buying for other people.

I always stick to the strategy of spending using debit. Otherwise it means I simply cannot afford it.

Putting purchases on a credit card or using buy now, pay later schemes like Afterpay and Zip Pay are delaying the inevitable.

And it only gets worse if you are then hit with fees and interest charges if you cannot meet the strict repayment criteria on these credit products.

4 USE A SAVINGS ACCOUNT

If you’re organised enough to have set up a separate bank account for Christmas expenditure, you enter December without being financially stressed out.

I have a separate account set up just for Christmas spending and automatically tip in $30 per week each time I get paid.

So, over 12 months, I save up $1560 – a massive help at this time of year.

5 SALES TACTICS

Be wary that retailers are hoping you will spend more than you planned, whether it’s online or in their bricks and mortar stores.

Those deals where you have to spend over a certain threshold, for example spend $150 and get $50 off, can be very useful.

But if you only planned to get this discount by spending more, you’re probably wasting your money. Happy Christmas shopping!