Many of us are feeling less-than-jolly about how much Christmas is going to cost this year.
With interest rates at a 12-year high and inflation driving up everyday expenses, it’s not surprising 65 per cent of Australians intend to spend less this festive season.
It’s enough to bring out your inner-Grinch.
But reducing our festive spending doesn’t need to mean sacrificing good cheer. Rather than rushing into spending-as-usual this Christmas, being mindful about where our precious dollars go is not only good for our wallets – it could also be good for our wellbeing.
We asked three University of Melbourne experts for their top tips on how to save money without sacrificing festive spirit.
Thrifty Gifting: Dr Kanika Meshram
This holiday season, here are my four practical suggestions to gift cheaply, sustainably and ethically (without succumbing to a click frenzy sale).
1. Recycle everything you can
Boost your holiday spirit, save money and tread lightly on the planet by gifting preloved items.
Re-use wrapping paper from last year, regift untouched presents or gift old clothes and shoes you think others will love. Embrace vintage shopping and explore your local Facebook Marketplace for good quality preloved items.
2. Embrace degrowth
The concept of degrowth, which advocates for buying less and consuming responsibly, can offer a fresh take on Christmas gifting. Perhaps you hand-make gifts for loved ones or decide to do away with present-giving altogether and focus on quality time with one another instead.
3. Calculate cost-per-use
If you do decide to buy gifts, consider the cost per use rather than viewing the price as a one-off expense. Ethically and sustainably made products may appear pricier initially but will last longer, reducing landfill waste.
4. Gift experiences
Move beyond traditional gifts and consider unique experience ideas for loved ones. An experiential gift, whether in the form of a subscription, activity or class, creates lasting memories and avoids contributing to random bin clutter.
Festive Food: Dr Anita Lawrence
Christmas lunch is an annual highlight for many. But with the pressure to indulge, costs and calories can add up quickly.
The good news is a healthy, hearty Christmas lunch doesn’t have to cost the earth or our waistlines. Here’s how:
1. Rethink your nibbles
At Christmas, we often indulge in ultra-processed ‘nibbles’ like flavoured potato or corn chips. A cheaper, healthier and more environmentally friendly option is cutting some carrots or other vegetables into batons and serving with a homemade dip.
2. Embrace in-season veggies
A healthy Christmas dinner is all about balance. Fill everyone’s plate with a wide variety of colourful vegetables or salads and then offer meat options (unless your meal is completely vegetarian).
Not only is this approach healthier and better for the environment, it’s also cheaper – especially when you buy seasonal fruit and veg from a local market.
3. Consider frozen
If you are cooking roast turkey, it is often cheaper to buy frozen than fresh and it’s just as nutritious. Leftovers can also be turned into a delicious curry or risotto.
4. Reduce eating and drinking time
People often eat and drink because there is nothing much else to do. If you include activities like a walk or game during the day can reduce the need to have endless nibbles and drinks available.
5. Get cooking
If you have time, homemade is usually cheaper and healthier. With school holidays looming, it’s a great time to get the kids in the kitchen and helping out with festive preparations.
Christmas coping: Professor Lisa Phillips
Financial concerns, family tensions and loneliness can all be exacerbated at Christmas. And then there’s the heightened stress that comes from the pressure to ‘get things done’ before year-end.
Amid this whirlwind, it can be tempting to spend mindlessly in an effort to tick another job off the list. But this often compounds stress in the long run.
You can avoid this pressure by:
1. Forward planning
If you can avoid the busy shopping centre by getting at least some of the shopping out of the way in the weeks leading up to Christmas, do so.
2. Managing other people’s expectations
If you have less money to spend this year, try to manage other people’s expectations in advance.
This might mean having a frank conversation with the kids about what presents to expect or a discussion with family about what’s likely to be served for Christmas lunch.
3. Managing your own expectations
It can be tempting to hope the festive season will bring everyone together but unfortunately family dysfunction doesn’t vanish just because it’s Christmas. Acknowledging this can help. If you anticipate feeling isolated or alone, try to plan some activities you will enjoy.
4. Look after yourself
Shelving regular self-care activities over Christmas (like exercising) to ‘get everything done’ can compound stress levels.
Try considering whether a Christmas task is necessary in the first place (do you really need new decorations?). If not, you might save yourself some money and still have time for your regular gym class.
Try to be fair on yourself – you are only one person and Christmas is only one day.
