Earlier this month I talked about the growing number of people planning to go into debt for this year’s Christmas spending and why this should be avoided at all costs. And it bears repeating: spending less will be infinitely better not only for you, but also for your children and loved ones in the long run.

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Only spend what you can afford – no one will judge you or think you’re a bad person if they don’t get every item on their current wish list. Other considerations for this month’s budget should also include allocating extra money for groceries (Christmas lunch, anyone?) and any related travel you might take to visit your loved one. family and friends in different parts of the country or state.

3. Take out your journal. December is not only known for being one of the most expensive months of the year, but also one of the busiest.

With that in mind, knowing where your weekends will be spent will help you plan your finances. Do you need to organize school events or are you buying a gift for your children’s teacher?

Is there a work Christmas party you need to pay for, or a budget for Ubers or taxis? Are you planning to organize a Christmas gathering with your friends or extended family before Christmas Day?

These are the kind of “small expenses” that we tell ourselves aren’t worth budgeting for, but which quickly add up and make us sick when we check our balances at the end of the month.

4. Use your December Sundays wisely. Because of the hustle and bustle of December, it’s so easy to slip out of our usual routine. A perfect example of this is not following habits that we would usually be good at at other times, like meal prepping or a big meal to put in the freezer, which comes in handy for midweek dinners when we can’t be bothered to cook.

Sure, it might not be the most exciting task or it might not seem like a big money saver, but depending on Canstar Blueby 2023, the average Australian would spend $60 per week on food delivery services.

When inflation is taken into account, this figure will likely have increased further in 2024. But based on last year’s numbers alone, if you were to forgo food delivery just for the month of December, it would would represent a savings of $240 per person per household, just in exchange for an hour or two of work on the weekend. By any measure, this is an exceptional hourly pay rate.

5. Try to dry yourself. This suggestion may seem sacrilegious to some people, but as the number of Australians who either don’t drink at all or join the sober curious movement continues to grow, there’s never been a better time to take a break from drinking. alcohol and not be inundated with questions.

And if you’re trying to save or find extra money this month, forgoing the holiday punch is an obvious option. According to data from the Australian Bureau of Statistics, the average household spent $53 per week on alcohol in 2023.

Keep in mind this is the national average And the annual average. For most people who drink, even just socially, in December, it would be much more than that. But, just like abstaining from food delivery services, taking a month without alcohol will save more than $200 per person for the month.

And when you factor in things like the ability to drive to events instead of relying on taxis or Ubers, the savings could be even greater.

6. Don’t forget New Year’s Eve. Whether you love the midnight countdown or are completely indifferent to it, almost everyone forgets about New Year’s Eve when setting their December budget. And given how busy the three weeks leading up to Christmas are, that’s no surprise.

Frankly, getting past this point is a big victory. But even if you’re hosting a backyard barbecue with friends, sharing a bottle of champagne on the pier, or attending a three-day camping festival, budgeting for your plans will help you be more aware of your finances and plan ahead. wake you up at the right time. new year with a sense of financial security and control.

To me, it’s much better than waking up with a raging hangover and wondering where all your money went.

Victoria Devine is a retired award-winning financial advisor, bestselling author and host of Australia’s #1 financial podcast, She’s on the money. Victoria is also the founder and co-director of Zella Money.

• The advice given in this article is general in nature and is not intended to influence readers’ decisions regarding investment or financial products. They should always seek their own professional advice, which takes into account their personal circumstances, before making a financial decision.