5 ways to budget for your remaining Christmas gifts

Two young women shopping for Christmas gifts.

Christmas is fast approaching, but even Santa is not immune from the rising cost of living. Here are five ways to enter the Christmas shopping fray and not hurt your wallet in the process!

1. Figure out unnecessary expenses

Yes, it’s a routine move. But make that list of your income and expenses and check it twice for anything that needs cutting. For example: 

  • Try skipping a month of streaming services. The costs add up!
  • Cut back from dining out or ordering in and cook more at home. 
  • Especially with higher fuel prices, try taking public transport over driving.
  • Cut back on energy and water usage—the lower the bills, the better! 

Check out our budget calculator for a quick, easy way of calculating your expenses. 

2. Set a Christmas savings goal

With your budget figured out and extra cash in your pocket, set aside your weekly savings into a wishlist fund or ‘savings bucket’. Most savings accounts allow you to separate your funds and label them for different savings goals.

3. Take advantage of pre-Christmas sales

Black Friday is great for buying things for yourself, but don’t let the timing stop you from taking advantage of those awesome deals for others. Buying gifts before Christmas is a simple way to get ahead of the mob—just make sure you find a good hiding place for the presents!

4. Look for the best discounts

A lot of us are quick to make purchases without a second thought. But chances are the gift you want is sold in multiple retail outlets – and possibly for less! Instead of jumping straight into the nearest shopping centre, look online at the catalogues and compare for the best price on your chosen gift.

5. Set spending boundaries

No matter how much you want to give, or how much you want a gift, set limits on what you’re willing to spend. Christmas time abounds with temptations from all kinds of deals and new releases. Look at your Christmas savings and divide it in a way that puts a cap on what you’re willing to spend. 

With the year coming to a close, are you looking to start saving money a bit more carefully? If you’re unsure which savings account to use, a high interest rate savings account might be just the ticket. You can also check out the 2024 Mozo Experts Choice Savings Award winners for some of the best savings accounts around.

Savings account comparisons on Mozo

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Last updated 15 December 2024 Important disclosures
  • Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Bonus Saver

    5.00% p.a. (for $0 and over)

    0.50% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

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    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

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  • MoneyMAX Account

    No Current Offer

    4.70% p.a.(for $1 and over)

    Yes up to $250,000

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

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  • Smart Saver Account

    4.50% p.a. (for $0 and over)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Increase account balance by any amount and make no more than two withdrawals

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

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^See information about the Mozo Experts Choice Savings Account Awards

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