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5 Easy Tips on How to Save for Christmas

Whether you’re starting to save for Christmas two months or twelve months beforehand, you’re still in a great position to start a Christmas savings plan.

Just imagine how good it will feel to put fewer gifts on credit card and enjoy your Christmas instead of worrying about how much more debt you’re in.

Millions of Aussies go into debt each year because they use credit cards to buy Christmas gifts that they can’t afford. A quarter of Australian’s have less than $1000 in savings, leaving very little for Christmas gifts.

So, I’m hoping these tips will help get you on track now for an easy Christmas this year. Plus, there’s a free Christmas budget printable so you can start now!

Christmas Gifts - Love from Mim

How to create Christmas savings goals

If you’re in a situation where you’re on the road to having no money for Christmas, consider setting some savings goals.  For example, your goal may be to save $1000 to buy your children’s Christmas presents. It seems like a big, unachievable goal, but with the right tools and tactics, it is certainly doable.

Once you’ve set a goal, create a savings timeline.

It may be that your goal is to reach $1000 in 12 months and to reach this goal, you need to save $20 a week.

Within those 12 months of saving money for Christmas weekly, you can set benchmarks for yourself every month or quarter to keep your savings in check.

Using a money tracker printable is an excellent way to keep track.

How to stick to your Christmas savings goals

1. Set up a savings account

When you have a savings account attached to your everyday transaction accounts, it is very easy and tempting to transfer money from savings when an unexpected expense comes up (or tempting splurge).  Consider opening a savings account at a separate financial institution where it’s not easy to make quick transfers, one that has zero fees and high interest to make the most of your savings.

2. Make it automatic

Once you’ve determined how much you’re going to save each week or month, set up automatic deposits into your selected account on a nominated day and frequency. This way, your savings will transfer without you having to lift a finger and the transfer is guaranteed and not reliant on you pressing a button.

3. Start a budget

If you don’t have a budget for all of your other expenses, it’ll be challenging to maintain your Christmas savings plan.  Setting a budget is, in fact, the best way to monitor your spending and cut down costs. The more you can cut down costs, the more money you can save.

Related: Printable Household Budget Planner

Related: Printable Debt Tracker

4. Review expenses

If you’re wondering where you’re going to get the extra money from to put towards your savings goals, consider doing a review of your electricity, gas, internet, telephone and insurance providers. You never know how much you could save by making a phone call, checking and comparing your plan.

5. Write it down

When you’re saving, it’s good to visualise your progress, it makes it more concrete.

Use something like my Savings Tracker Printable to set your goals and track them as you go.

How to Save for Christmas Summary

As you get your budget sorted and start to save towards extra money for Christmas, you’ll begin to get used to living on less and may find yourself with extra money than you had initially planned. If that is the case, consider a gradual increase in how much you save.

The great thing about learning how to save for Christmas is that it forms saving habits that will benefit not just your goal to make money for Christmas, but your goal to save money for a holiday, renovations or even a wedding!

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I hope my tips on how to save for Christmas have helped you get started!


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I acknowledge the Traditional Custodians of the land I work and live on, the Awabakal peoples, and pay my respects to Elders past and present.
I thank them wholeheartedly and express my love and gratitude for the privilege to live and work in such a beautiful part of the world and for the opportunity for my family to be part of this vibrant and supportive community.