Tips to reduce your spending this festive season and enjoy a healthy New Year

Ten bucks for a dozen eggs anyone?

There’s no getting away from it – 2024 has been challenging for Aussie households as the cost of living has continued to bite.

After a year like this, most of us feel like tapping out from work and enjoying some quality time with friends and family.

But the reality is the festive season can come with its own pressures – to meet up, to do activites and most of all, to spend.

Whether it’s getting the kids some decent presents, chipping in for a catch-up meal with old friends or booking that much-needed getaway down the coast, it all costs money.

No-one wants to feel like a Grinch and you could easily find yourself spending more than you intended.

Some tips to slash your spending in the silly season

• Eat, drink and be merry… at home. You don’t have to go out to have a good time. Embrace cookery and enjoy social meals at home by alternating between friends on hosting BBQs or dinner clubs.

• Seek second hand. Explore the weird and wonderful world of op shops and Facebook marketplace for your Chrissy needs. You might be surprised at what can turn up. And you’ll never pay full price again.

• Give yourself a savings reward. If you have a set amount you usually save per month, don’t relent for December. And why not give yourself a little treat if you manage to hit your usual savings goal – you deserve it! An online tool like AMP’s Budget planner calculator can help.

• Leave the car at home. Ubers can get expensive this time of year – our old friend dynamic pricing’s to blame. So you could try reducing those fuel costs by catching public transport, getting your steps up or pulling a ride with a friend.

• Turn the aircon off. Did you know aircon contributes to about 40% of your household energy bill1. So can you cool down in a different way? A swimming pool, the beach or even a shady park?

• Prep and freeze your food. Try a spot of preplanning and/or bulk-cooking meals so that food doesn’t go to waste.

• Make your own gifts. Yes, we live in the Age of the Consumer. But that doesn’t mean you can’t push back against excessive consumption. Try crafting your own cards and wrapping, or going in with friends and family on gifts to save.

...and create healthy habits in the New Year

• Spruce up your space. Think about decorating for wellbeing – declutter the space, use plants to filter air, lighten up your rooms.

• Detox your kitchen. Reduce your reliance on plastic with refills, turn off the home office appliances when not in use, find alternatives to chemical cleaning products.

• Grow your own food. Reap the rewards of your own garden by growing your own vegetables - fresh, healthy and straight from your backyard!

• Make your home more sustainable. Get busy on those recycling bins and try reducing your energy needs with some insulation or solar panels. It’s an investment in the long-term.

• Ditch the takeout. Have you seen the price of a pizza these days? Brush up on your culinary skills and save.

• Take up a hobby. There’s nothing like a new pastime to boost your mental health. So dust off the old soccer boots or oil the roller skates. You’re never too old!

• Rethink your expenses. It’s so easy to overspend. But take a step back. Do you really need four streaming services or is it time to give good old ABC iView another go?

• Get active with Tai Chi, yoga, Pilates, or even a daily walk. Staying fit enhances your quality of life and boosts happiness, so discover what suits you best and make it a regular part of your routine.

• Pre-plan some fun stuff. Avoid the post-New Year blues with a family picnic, beach trip or even splashing out on a concert to brighten up your January.

• Shop smart. Need vs want. It’s the age-old conundrum. Be strict with yourself and take advantage of sales.

• Organise your calendar like a pro. It’s an easy win but can help you feel super positive about 2025. Go old school with a family whiteboard or get busy online with Google calendars.

• Declutter your digital life. Remember the good old days with your photo albums all neatly stacked up and arranged by year? It’s time to tackle the thousands of snaps and emails on your phone. So grab a cuppa. You can do it.

• Set yourself up right for 2025. Take a look back at your expenses for 2024 with AMP’s Expense Planner Calculator to see where you might have been overspending. Whether it was a few too many dinners out or getting hooked in by sales, the first step to changing your habits next year is understanding where your money went this year.