How can you survive the holiday season without going broke? We asked some of our staff at TelstraSuper for their tips and tricks—here are their top 11 ideas:

1. Have a specific gift account. Save up for your presents during the year using this special savings account. Put a bit aside each pay and be strong, only use it for that for spending.
2. If you have a big family do a Kris Kringle. Also put a limit on what you should spend on gifts so people don’t feel like they have to over spend.
3. Buy gifts throughout the year. Go to the big sales such as mid-year ones and do some of your shopping then.
4. Only use cash to buy gifts. This can be a great handbrake on how much you’ll spend. After all, when it’s cold hard cash leaving your hands it can be much more real than credit, which you may not see for a month or so.
5. Buy your decorations and wrapping paper in January. Everything festive related goes on sale after Christmas. That’s the time to get the new tree for next year or any decorations you want.
6. Don’t shop last minute. Last minute shopping often leads to spending too much, with the crowds and knowing you need to get ‘something in a hurry’ creating the pressure to buy! If you can avoid it – the earlier you start the less likely you are to over spend. It also gives you time to comparison shop for those bigger ticket items. 
7. Buy a donation gift. This may not be cheaper but it means you’re doing some good through your purchase. Just make sure you go through a reputable charity.
8. BYO plate to Christmas dinner. If you’re hosting, instead of doing the whole meal yourself – get your guests to bring a plate. People are happy to help out and this will help spread out the costs.
9. Don’t be afraid to say no. The holiday season can be filled with many invites – all of which can cost money in cab fares, dining, and gift giving. You don’t have to attend everything you’re invited to, especially if your budget doesn’t support that extra night out.
10. Pay off your credit card in full. If you do overspend on the credit card – pay it off in full when it arrives in January, even if it means you have to tighten your belt for a while. It’s better to pay it off and live frugally than pay the interest associated with carrying debt.
11. Budget in the lead up to the holidays. Bring your own lunch to work instead of eating out, reduce your entertainment and take public transport. The extra savings may come in handy through the holiday season.

Need some budget help?

Budgeting can be challenging, but TelstraSuper Financial Planning can help you – and not just for the holidays - but for any big purchases you may be saving for. They can sit down and go over good and bad debt and how to get your finances sorted. If you’d like to speak to an Adviser from TelstraSuper Financial Planning call 1300 033 166 or fill in our online contact form.