12 ways to minimise your festive spending hangover 

The holiday season is a time for celebration, connection and, often, a little extra indulgence – but it can also bring its own pressures, especially when it comes to spending.

In fact, an AMP study revealed that 2 in 5 people spend more than they should during Christmas sales.¹ Whether you’re buying gifts or hosting gatherings, the costs can add up fast and leave you feeling the pinch in the new year.

Here are some simple ways to reduce the post-holiday debt hangover… and avoid overspending in the first place.

6 ways to enjoy a great Christmas without breaking the bank

1. Set your festive game plan 

Avoid the last-minute dash (and the overspending that comes with it) by setting your gift budget early and sticking to it. The AMP study showed that 1 in 3 people don’t set a budget for sale period and more than 50% are more likely to make impulse purchases during sales.² Hunt down bargains online and snap up specials for your festive feasts to save money. Pro tip: leave the credit card at home when at the shops and use cash or a debit card to prevent spending money you don’t have – your future self will thank you.

2. Choose gifts from the heart  

Thoughtful doesn’t have to mean expensive. Handmade gifts or potted plants can make meaningful presents, and buying in bulk or second-hand (via Gumtree or Marketplace) can save you money – just be sure to be aware of common shopping scams. For those must-have items, look for deals on Black Friday, Cyber Monday or even Boxing Day, and use cashback websites or discount code where possible. Handmade cards, wrapping and decorations will also help save – and can be a fun craft project for the family.

3. Give the gift of time or skill 

There’s more to giving than just things you can wrap – more meaningful experiences matter, too. Offer a picnic, a homemade meal, or help with a project as a present – these can be more memorable and appreciated than a pair of socks or another candle.

4. Share the giving spirit 

Why not join forces? Group giving can help you afford more special gifts or experiences, or extend Secret Santa beyond the workplace to your family or friends to make gift-giving more fun and affordable.

5. Become a regifter 

Admit it, you’ve probably done it. And it makes sense too. After all, why let a bottle of red go to waste if you don’t drink it, let alone unworn clothes. Pass on gifts you won’t use to someone who will appreciate them, helping to reduce waste and make your budget go further.

6. Choose experiences, not stuff 

A day at the beach, a nature hike somewhere new or a family road trip can create lasting memories without straining your finances. Experiences often mean more than material gifts.

…and 6 ways to get your finances in order in the New Year

1. Build a new year budget 

The new year can be a fresh start for your finances. Use an online tool like the AMP Budget planner calculator to easily get a clear view of how you spend your money. Identify what’s essential (like mortgage, rent or insurance) and what you could scale back on (like that second coffee of the day or unused subscriptions).

2. Track your spending 

Once you know where your money goes, it’s easier to find savings. Small tweaks to your direct debits can help you save big – like bringing your lunch to work rather than buying it, hitting pause on some of those streaming services, or even walking or cycling to work.

3. Go hunting for deals 

It pays to compare costs. Reach out to your gas, electricity, mobile phone and broadband providers, and see if they have better deals or even shop around for a new provider. The Federal Government’s Energy Made Easy website is a quick and free way to check if you could save on your energy bills.

4. Get on top of any debt 

If you’re juggling repayments, consider consolidating loans where possible to reduce fees and simplify repayments. If you’re struggling with debt, don’t be afraid of reaching out to providers for support – they may be able to offer payment plans or other help.

5. Do the hustle 

Declutter and sell items you no longer need via Facebook Marketplace, eBay, Gumtree, Depop or local markets. Alternatively, consider gig platforms like Airtasker or Freelancer to earn extra income with your skills.

6. Think green and cut wastage 

Going green doesn’t just help the environment –  it can also be one of the best ways to save money. If you find you’re throwing out food at the end of every week, you might be able to reduce your grocery spending and your food waste. If an appliance breaks – consider trying to repair it or finding a secondhand replacement, rather than buying brand new.