Feeling a little sore from Christmas? Learn how you can start saving for Christmas 2017

Many of us have a tendancy to overspend over Christmas, particularly with money that isn't ours. You CAN pay for Christmas with your own money. Find out how.

Find a means of putting money away that you can't touch

We're not talking about a jar that sits out of arms reach, but a secure account that allows you to make as many deposits into it without penalty. One that you can steadily commit a regular (and affordable) amount into. At The Mac, we recommend our Christmas Saver Account. You can make as many deposits across the year as you like and between November 1st  and January 31st you can withdraw your Christmas savings and get shopping! Christmas Saver Accounts are free to open and you can be confident that your savings will sit safely until the Christmas frenzy begins!

Organise who you want to buy for

We’ve discussed how you can afford Christmas in another advice article (which you can read here) but if you’re not interested in reading the whole thing. We’ll give you the fast version now. Make a list of all the people you intend to buy gifts for. Against each individual decide how much you realistically can spend on each. Work out a total savings target you’ll need to cover all of your gift recipients. Work out how many weeks you have left to save your Christmas savings target between now and November 1st. We recommend setting up periodical payments (or automatic transfers if you’re with a bank) that align with your pay cycle. You’ll be saving regularly without even having to think about it and by Christmas you’ll have the money that you need.

Consider a savings challenge

What is a savings challenge? Generally speaking, a ‘challenge’ of any kind is where participants use a shared hashtag, join a dedicated Facebook group, or even an online forum to share their progress. Some have specific amounts to save by specific times, others encourage no spending at all. Now we accept that this model of saving wont be for everyone and we aren’t affiliated with these challenges but for those with an open mind here are a few challenges that you can investigate if you’re interested:

52 week challenge

Over the course of a year, a specific amount is saved each week. By the end of the year participants will have saved almost $1,400. You can download free printable charts here

$5 note challenge 

Every $5 note you that comes across, put it away somewhere safe and at the end of the year, count how much you’ve saved. (Please note, that we believe the safest place your money can be is in your savings account, so however you save your $5 notes or deposit them is completely up to you.)

No Money March aka No Spend September 

Essentially, this challenge encourages participants to spend only on the essentials for the month. All the money that would have been spent on take away, alcohol, entertainment or spontaneous purchases is counted at the end of the month.


Essential Points

  1. Save your money in a way that isn’t easily accessible
  2. Organise yourself and plan who you want to buy for (including your budget)
  3. Consider different ways of saving – you might be surprised at what you can achieve


Want to know about how you can save more at The Mac?

These are just a few ways to help you save for Christmas 2017 but our team is always available to chat about other ways you can save. Request a call back, give us a call or visit your local branch at Camden, Narellan, Picton or Tahmoor today.

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