Note: This article is for general informational purposes only and does not constitute financial advice. It does not take into account your personal objectives, financial situation or needs. You should consider seeking independent financial advice before making any financial decisions.
It happens every year. One minute it’s dry season, the next the rains are flowing and the shops are playing carols and your inbox is full of “last chance” sales. Christmas has a habit of sneaking up on us – and so does the bill that comes with it.
The good news? If you start now, you’ve got around ten weeks to spread the cost. A little set aside each payday adds up faster than you’d think, and it means January doesn’t have to start with a financial hangover. Here’s how to make it happen – no complicated spreadsheets, no stress, and no giving up your morning coffee.
How Much Should You Save for Christmas?
There’s no right number – it depends on your family, your traditions and what matters most to you. The easiest way to find yours is to jot down the big-ticket items:
- Gifts – who you’re buying for, and a rough amount for each
- Food and drinks – Christmas lunch, entertaining, and everything in between
- Travel – flights home, a road trip up to the Tablelands, or visiting family
- The extras – decorations, wrapping paper, and that Secret Santa you forgot you signed up for
Add it up, divide it by the number of paydays left before Christmas, and there’s your savings target. If the total looks a bit scary, that’s useful to know too – it’s much easier to trim a list in October than on 23 December.
What Makes a Good Christmas Savings Account?
Keeping your Christmas money in your everyday account is a bit like leaving a bowl of lollies on the bench – it has a funny way of disappearing. A separate savings account puts a little distance between you and temptation, and makes it easy to see your progress. When comparing savings accounts, it’s worth looking at:
- Easy transfers – can you set up automatic transfers from your everyday account?
- Interest – how it’s calculated, and whether there are any conditions to earn bonus interest
- Fees – ideally, you shouldn’t be paying just to hold your own money
- Access – can you get to your money when you need it, and are there any withdrawal limits?
You can explore Cairns Bank’s savings accounts here – or pop into the branch and we’ll walk you through the options in plain English.
Simple Ways to Save More Before Christmas
- Automate it – set up a transfer on payday so your savings happen before you’ve had a chance to spend
- Start small – even $20 a week from mid-October adds up to around $200 by Christmas
- Give windfalls a job – send tax refunds, overtime or bonuses straight to the Christmas pot
- Do a subscription audit – cancel the streaming services you forgot you were paying for
- Shop early for the big stuff – buying the major gifts now avoids last-minute panic purchases
Don’t Forget the Wet Season
Here in Far North Queensland, Christmas isn’t the only thing arriving in December. The wet season runs from around November to April, and it can bring costs of its own – restocking the cyclone kit, an insurance excess, or a power bill that climbs when the air-con is working overtime.
If you can, add a small buffer on top of your Christmas goal. Future you, sitting out a storm with a full pantry, will be very grateful.
Why Savings and Loans Work Differently at a Customer-Owned Bank
At a customer-owned bank like Cairns Bank, there are no external shareholders waiting for a slice of the profits. Local savings help support lending to other locals – the home loans, personal loans and business loans that keep our community ticking – and the value created stays with our customers and the community. It’s been that way for more than 125 years.
And because we don’t have a call centre, if you ever want to chat about your savings, you’ll be talking to a real person. Just walk in to 22–24 Grafton Street – no appointment needed.
FAQs
When should I start saving for Christmas?
The sooner the better – but October is a great time to start. With around ten weeks to go, small regular amounts can add up without putting too much pressure on your budget.
Should I keep my Christmas savings in a separate account?
For many people, yes. Keeping it separate makes it easier to track your progress and less tempting to dip into for everyday spending.
How much should I save each week for Christmas?
Work out your total Christmas budget, then divide it by the number of weeks left. For example, a $500 Christmas budget spread over ten weeks works out to $50 a week.
What’s the difference between a savings account and an everyday account?
An everyday (transaction) account is built for spending – paying bills, tapping your card and withdrawing cash. A savings account is designed to hold money you’re putting aside, and usually earns interest on your balance.
Can I talk to someone about savings accounts without booking an appointment?
Absolutely. Walk in to our Grafton Street branch anytime between 9.00am and 4.00pm, Monday to Friday, and we’ll talk you through your options.
Final Thoughts
Christmas doesn’t have to come with a January hangover. A clear goal, a separate account and a regular transfer are really all it takes to head into the silly season feeling organised rather than overwhelmed.
And if you’d like a hand getting started, you know where to find us – Grafton Street, walk in anytime.
This article provides general information only and is not intended as financial or lending advice. Individual eligibility for home loans is subject to Cairns Bank’s lending criteria and responsible lending obligations. Please speak with a Cairns Bank lending specialist for advice relevant to your personal circumstances.
General disclaimer
Cairns Bank only provides general advice on the products and services we deal in.
The information provided is general advice only and does not take into account your individual objectives, financial circumstances, and personal needs. You should consider the appropriateness of this advice with regard to your particular financial situation and needs. We advise that you should carefully read our Terms and Conditions and Financial Services Guide before acquiring a product. For full details on our products and services and an analysis of your personal requirements, please arrange for an appointment with one of our friendly staff by contacting Cairns Bank.
Financial Planning
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