Tips offered to rescue savings accounts from an expensive Christmas

Those worried that their high interest savings and credit cards may take a hit as the festive season approaches may want to take heed of advice from New Limited.

According to the Australian Bureau of Statics, Aussies spent $18 billion at retailers over Christmas last year.

However, people can save money by cutting down on some essential costs.

For example, Jane Whipp, owner of said opting for stores that offer free gift wrapping can reduce expenditure, while wooden toys and games get families more hours of entertainment for their dollars.

My Budget director Tammy May suggested making a list of the people to buy for and then work out how much to spend on each.

A warning came from Credit Union Australia Chris Whitehead, who said people may struggle in the new year if they accumulate debt – something that could prompt people to look for cheap credit cards.

"If you know you are susceptible to excess credit card spending, lowering the limit on your card is a smart option," he commented.

Earlier this month, Reserve Bank of Australia figures revealed that Aussies spent $19.2 billion on credit cards.

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