Making the most of your summer budget

20 Dec 2024

Summer tends to be a time for going out, dining out and splashing out, but that doesn’t have to mean eating into your savings.

Looking for thrifty ideas to spend a little less while still enjoying the holiday season? Here are five ways to make the most of your summer budget.

Set Your Spending Limit

It’s easy to spend more money than usual over summer. It all adds up when you’re taking trips and attending regular social events, not to mention the Christmas shopping!

It may be challenging to reduce your expenses at this time of year, but what you can do is set – and try to stick to – a realistic, reasonable spending limit.

By giving yourself a budget in advance, you’ll be far more likely to consider the cost of various activities on the go, and far less likely to overspend without realising.

You can monitor your spending through an online budget calculator or smartphone savings app such as Frollo, or even the Australian Taxation Office’s all-inclusive ATO app, which includes a “myDeductions” feature you can use to keep track of personal expenses and receipts.

Cut Down on Dining Costs

You deserve to treat yourself now and then but be mindful that there are always alternatives for those eager to cut down on dining costs.

You could start by planning ahead and identifying where you would like to dine each month. For all the other days, keep your kitchen stocked with lots of quality ingredients and have easy recipes readily available.

Plus, it makes sense to buy the best seasonal produce at your local farmers’ market. Hopefully this will inspire delicious and healthy meals that are not extremely expensive.

Get Great Deals Online

Online shopping provides access to great deals and discounts, often making it a more affordable option compared to shopping in physical stores.

There are many third-party websites dedicated to offering deals on almost anything you can think of.

Check out websites like Catch or DealsDirect for fashion, furniture, appliances and more.

Visit Scoopon or RedBalloon for activities including restaurant meals and massages.

And try Wotif, Expedia, or Booking.com for budget-friendly accommodation options wherever you’re planning to travel.

Search for Sales Before Boxing Day

Traditionally, people complete their Christmas shopping well in advance, then wait impatiently before racing to take advantage of the Boxing Day sales.

However, in recent times, as retailers try to cash in on the spending spree, those amazing deals have started to creep forward on the calendar.

So, whether you’re shopping for clothing, electronics or anything else this summer, it could be worth keeping an eye out for unexpected bargains in the lead-up to Christmas.

You might save plenty on presents for loved ones, or potentially find a great gift for yourself.

Try Your Hand at DIY Gift Giving

Speaking of low-cost Christmas gifts, some might also consider making their own presents to give friends and family members.

Whether you build it, knit it, paint it or create it, do-it-yourself ideas for personalised presents are usually a much cheaper alternative to marked-up products off the shelves.

These heartfelt gifts can be extra special for grateful recipients.

Could this be the year to give DIY gift-giving a try?