Six silly season saving tips

6 December 2019

Industry Super Fund-owned bank ME has simple tips to help you avoid a financial squeeze this Christmas.

1. Plan ahead

Decide who you’d like to buy a gift for, allocate a set sum, and then stick to your list to stay within your festive budget.

2. Give a group gift

Around 21 million unwanted gifts are handed out each Christmas. Rather than throwing money away on low value stocking-stuffers, get together with friends or family to buy a single quality gift and coordinate it through apps like Giftster.

3. Pocket a discount on gift cards

People use classified sites like Gumtree to offer unwanted gift cards at heavily reduced prices. Associations also offer discounts – National Seniors Australia offers a 10% saving on gift cards.

4. Save on festive fizz

Add some budget-friendly bubbly to your Christmas lunch by stocking up with online auctioneers like Grays Online, where a bottle of Veuve Clicquot can cost less than $50 compared to $65 through some retail outlets.

5. Earn cash for shopping

Cashback websites like Cashrewards, Shopback and Cashback Club let you earn cash back on purchases. 

6. Plan how you’ll pay

Last year, Australians were lumbered with post-Christmas credit card debt averaging $1,863 per person. One in four cardholders said it could take 12 months to pay the balance off.

post christmas debt

Plan your spending beforehand, aim to pay with cash, and only put purchases on a credit card that you can comfortably pay off before interest charges kick in.

Following these simple steps could help you avoid carrying the cost of Christmas well into the New Year, to head into 2020 with a clean financial slate. 

This article is brought to you by ME. For more information, please visit Members Equity Bank Limited ABN 56 070 887 679 and Australian Credit Licence 229500.

The Trustee and ME are not agents or representatives of one another. The Trustee is not responsible for and does not accept liability for the products or services of ME. ME is an Australian credit licensee (Australian credit licence no. 229500). You should use your own judgement before taking up any product or service offered by ME. TWUSUPER invests in ME but does not receive any commissions as a result of members using ME products and services.

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product.

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