Avoiding The Christmas Shopping Hangover

The presents are all unwrapped, the Christmas ham (or Chrissy prawns) are all eaten, and you’ve scoured the sales bins for that had-to-have bargain.

Then the credit card statement comes. And the pain begins.

I read somewhere (I can’t find the reference now) that it takes the average person six months to pay off their Christmas credit card debt.

That’s six months of playing catch up. Six months of not saving for the family holiday or, dare I say, next Christmas. Because starting a Christmas fund at the beginning of the year is the best way to avoid the after Christmas hangover.

But now that it’s December, what can we do to avoid racking up Christmas debt?

1. Plan and Budget

Write a list of recipients, gift ideas for each, and budget a set amount that you want to spend on each person and add up the total. You may need to massage your gift list or look for bargains to stay on budget.

One great way to budget for gifts is to ask your recipients what they want. You may be surprised. My brother has asked for socks and jocks three years running. He’d rather save on necessities by getting them as gifts, so he can spend his own money on stuff he really wants.

2. Rationalise your Gift Giving

Once you’ve written a list of recipients, start crossing people off. Do you really need to buy a gift for Joe in accounts? Give with meaning, not because you feel you have to.

3. Buy in Bulk.

If you have to get gifts for teachers and work colleagues, consider buying items in bulk and save time and money.

4. Make your Own

Making your own gifts can be a great way to save money. Spending a day baking can result in bulk gifts for teachers and work colleagues. Check out the handmade gift series for ideas.

5. Give Time

For the person who has everything, the gift of your time or your skills could be well received. So that the recipient receives something on the day, you could give personalised gift certificates for the time or service that you’re offering.

6. Cut back on Other Expenses and Save

Every coffee, paper, work lunch and takeaway that you don’t buy will give you some extra cash for Christmas. Every time you say no and save a few dollars, put them aside for Christmas.

7. Look for Bargains

It seems that stores are permanently on sale these days. Even before Christmas, there are plenty of sales and bargains to be had. And with online stores, there’s no need to pay full retail price ever again.

8. Kris Kringle it

Many family opt to buy presents for the kids only. If this isn’t an option, you could suggest a Kris Kringle, where names are drawn out of a hat, and you buy a gift for that person. This way you only have to buy one gift, yet nobody misses out.

9. Share the Cost of Feeding the Family

If you’re having a big family gathering, then getting everyone to pitch in a dish, drinks or nibblies will help spread the costs so the burden doesn’t rest entirely on your shoulders. This is especially easy if you spend a typically Australian Christmas having a BBQ or picnic on the beach.

10. Be choosy about Christmas Parties

This is easy for me, I don’t like parties and I don’t get invited to many. But if you’re social calendar is full, consider going to only those that you really want to rather than the ones you feel you have to.

11. Don’t buy for yourself

Do you find with all that present shopping that you get just a little bit tempted to throw in a few gifts to self. I know I do. Instead, write those ideas down and if you find you really want them after a couple of days, tell those who are buying for you. You get what you want and it takes the pressure off them to think of a gift.

12. Emphasise the True Meaning of Christmas

At the end of the day, Christmas isn’t about how much money we spend. If we take the emphasis off consumer goods, and make presents only one aspect of the day, then the pressure is off buying lots of expensive gifts.