With household budgets already feeling stretched by the rising cost of everyday necessities like fuel and food, splashing out on Christmas presents or a well-deserved holiday can feel overwhelming for many Kiwi families. Fortunately, there’s still time to plan how your money is spent and to manage your finances wisely. Here are 5 practical tips to help you stay on budget this Christmas, without getting wrapped up in holiday over-spending.

1. Set a budget

Last-minute shopping and impulse buying often lead to overspending. One of the simplest ways around this is to set a budget and then stick to it. Decide how much you can comfortably afford to spend, note down everyone you want to buy gifts for, and work out how much to budget for each gift you plan to buy. Consider what other expenses to include in your budget, such as entertainment, meals, decorations or a holiday.

2. Shop online and compare

Online shopping can be a real lifesaver when it comes to Christmas shopping. It’s often cheaper buying online than in-store because of discounts, promotions, and exclusive online deals. Comparing prices is easy so you know you’re getting the best deal for your money. Best of all, shopping online means you steer clear of crowded shopping malls and traffic jams which are common at this time of year!

3. Choose experiences or homemade gifts over expensive presents

There are many ways to celebrate Christmas that don’t require overspending. Low-cost or no-cost holiday activities still offer a memorable family experience without stretching the budget. Visit Christmas light displays or attend a Christmas market, make Christmas decorations, bake, craft or play board games. Often, just spending time together is what makes the holidays so special.

4. Bring a plate or potluck dinner

If you’re hosting Christmas lunch or dinner, or you’re entertaining this holiday season, ask your guests to bring a plate to share to keep your meal costs down. Challenge family or friends to see who can make the cheapest and most delicious dish. And remember, it doesn’t have to be perfect or expensive. With a little pre-planning and some careful shopping, you can make a meal fit for a feast on a tight budget.

5. Give generously of your time

Another way to save more and spend less is to volunteer your time as a gift or donate to your favourite charity instead of giving expensive gifts. Whether it’s a voucher to wash the car or mow the lawn, or a donation to a charity in the name of your family, not only will you be helping others in need, but you’ll be investing in the spirit of giving back this festive season.

Are you due for a mortgage review?

The festive season can be a stressful time for families with the added expense of gifts, entertainment and holidays. Setting a budget, shopping online, opting for experiences or homemade gifts, sharing the cost of food, and volunteering your time are just some of the ways you can save more and spend less this Christmas.

If you’d like to find out how you can ensure your finances are on track for the start of a new year, schedule a mortgage review with your mortgage adviser. A Mortgage Express branded mortgage adviser can assess your financial situation and check that your mortgage is set up in the most efficient and appropriate way to fit your requirements.