After the fun of Christmas is over, many of us are left with a hefty bill or a ton of guilt in the New Year. It can be hard to avoid over spending in the festive season, but saving in the run up will help soften the blow for the rest of your summer.

It can be difficult to fund Christmas festivities and gifts with just your December pay check alone – so it makes sense to be prepared. The Raiz philosophy of saving small amounts regularly can apply when preparing for the silly season - a small amount over a few months can make a big difference.

According to ASIC, Australians spend on average $1, 079 over the holiday season! This includes food, presents, travel and decorations, among other expenses. Their research also reveals that during the year the average Australian spends $32 a week on meals out in restaurants, $161 on recreation costs and $44 on clothing and footwear. Over the next 10 week period in the run up to the holidays, that adds up to $2370 in ‘extra’ costs.  

If you make a conscious decision to cut spending and save the difference in preparation for the silly season – that’s the Christmas cost covered.

Money tips from Raiz on how to save this Christmas:

 Make a list and check it twice - start budgeting early! ASIC believe that only 57% of Australians set a Xmas budget, and then only 4 in 5 stick to it.

Automate those Christmas savings with a Recurring Deposit function offered by Raiz

Try and avoid paying for Xmas fun on credit, you will thank yourself when you start 2017 free from holiday debt

Plan and prepare your purchases– prices are always jacked up in December!

Consider starting some cheaper Christmas traditions – picnics in the park over fancy lunches, Kris Kringle over individual presents for every family member etc.

Look for Christmas deals and hacks – keep a special eye out of Raiz Found Money Christmas promotion launching in December to boost your savings when finding the perfect Christmas gift.