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. So try customising your Christmas cash with a unique name and emoji to help personalise it more. 

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 2022 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 30 October 2024 Important disclosures
  • Savings Account

    5.50% p.a. (for $0 to $250,000)

    5.00% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first 4 months.

    Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.

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  • PremiumSaver

    5.35% p.a. (for $0 to $250,001)

    1.45% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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  • 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)

    1.00% 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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  • Savings Accelerator

    3.55% p.a. (for $0 to $50,000)

    2.85% p.a.(for $0 to $50,000)

    Yes up to $250,000

    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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^See information about the Mozo Experts Choice Savings Account Awards

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