It’s now 7 weeks til Christmas - here’s our cheatsheet to a debt free holiday season.

By Kylie Moss · · 2 min read
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Pink piggy bank with a Santa hat and Christmas lights

We are now weeks away from the busiest and most costly time of the year for many Australians. But the good news is that if you get yourself into gear now, you could pull off a debt-free silly season by making (and sticking) to some solid spending rules.

#1. Build  your holiday war chest 

You’ve got approx 50 days to get as much money in your holiday war chest as possible. This is the time that you need to get strict with yourself and cut out any non-essential spending. The more money you can siphon into your holiday spending fund the better. 

  • Try the no spending challenge for a week (no takeout, no unplanned purchases, no coffee runs). Automatically transfer the money you saved into your Holiday War Chest.
  • Double your regular savings goal for the next 7 weeks
  • Price watch grocery items and buy non-perishable items now
  • Cash in your rewards. Redeem any credit card points, loyalty program vouchers, or accumulated gift cards to help cover gifts or food expenses.

Need a holiday war chest? 

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#2. Gift-giving budget       

Create a list of everyone you intend to buy for and a dollar limit you allocate for each person. Is there a way you can shrink the list or reduce the total dollars you're planning on spending? 

  • Hunt the sales to stretch your dollars further. Black Friday and Cyber Monday are well within the window so research your gift list and retailers and set up price watching on key items. Product price comparison sites like Getprice can help! 
  • Consult with family and friends around setting dollar limits on gifts or suggest experiences over gifts.

Shop now for early Black Friday deals

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#3. Find extra savings

What other ways are you able to make a quick buck? Your trash could be someone else’s treasure!  A PayPal Report found Australian households could make $1,468 by selling their unused items. 

  • Spend one hour this week gathering items to sell (old electronics, clothes, unused decor). Sell them at a local or online marketplace.
  • Cancel one non-essential subscription (streaming service, unused gym membership, coffee club). The monthly cost saved covers part of your holiday budget.

Audit your bills. When was the last time you compared your phone, energy or nbn plans?

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