There’s nothing worse than having a very merry Christmas, only to suffer the consequences of overspending well into the new year.

It takes financial foresight, but it is achievable to enjoy the most wonderful time of the year without waking up on Boxing Day with buyer’s remorse – here’s our top four tips how:

  1. Shop within your means

It seems like common sense not to spend money that you don’t have on Christmas presents, but in 2019 that is a task that’s easier said than done.

The soaring popularity of buy-now-pay-later interest free services such as Afterpay, Zip Pay and LatitudePay has made it all too easy to splurge now and deal with it later.

Purchasing presents upfront is the best choice as choosing to use these services means potential interest and late payment fees if you unexpectedly fail to make the repayment schedule.

While these take-it-home layby options can be tempting, consider that they are literally loans. Do you really want a loan for your Christmas shopping?

Buyers using interest free pay-later services should also be aware that the provider has the right to perform credit checks and to report negative activity on your account to a credit rating bureau – which can result in a black mark on your record if you fail to make payments (just like any other sources of credit).

And don’t even get us started on putting your presents on plastic. 

  1. Write it down

Santa’s not the only one who should be making a list and checking it twice!

Take the time to write down a list of Christmas presents and a budget for each gift for your family and friends. And don’t forget your work KK!

This measured approach to your gift giving will allow you to take control of your purchases and deter you from impulse buying when you’re inevitably bombarded with attractive retail marketing in store.

The key of course is to put in the ground work while you’re compiling your list and only stick to buying the items that you’ve written down.

Looking for a convenient way to write your list? There’s an app for that.

  1. Become a savvy shopper

According to a recent report published in Forbes, shoppers splashed more cash when visiting retailers in store, rather than completing their present shopping online.

Perhaps it’s a good time to take advantage of free express shipping offers for your presents this year, or consider shopping online and using a ‘click and collect’ service which is available at most major retailers and often at no charge.

Another option which can save you money is to consider that Christmas doesn’t mean that you need to splurge to show someone you care.

Consider printing a photo and making it a Christmas card or gift tag, or get large sheets of paper and let a child decorate it to make wrapping paper.

Gifts also don’t need to be materialistic. Perhaps you have a loved one that you know would really appreciate it if you spent some quality time with them instead?

  1. Christmas is not the time for retail therapy

Do you recall that common piece of conventional wisdom which suggests you shouldn’t go grocery shopping on an empty stomach?

The same notion can be applied to Christmas shopping – but instead of being hungry, make sure you’re not in need of some serious retail therapy before you hit the shops.

Dealing with stress by impulse shopping is all too common with consumers. Magnify that notion on top of the busiest time of year and it can result in your wallet feeling the effects of your Christmas spending spree for months to come.

To take the stress out of your shopping spree and avoid overspending:

  • Make sure you have plenty of time allocated for your shopping expedition
  • Be armed with your pre-prepared list of presents to buy for each person
  • And make sure you’ve done your research and Googled where to purchase the item for the best price available.

Looking to put some money back in your wallet following the Christmas season?

The experts at Together Financial Services can refinance your existing loan to a better deal and potentially save you thousands.

Contact us today on 03 8761 9024 or visit