Christmas is just 10 week's away: How to avoid over-spending this year

Christmas is almost upon us once again, and preparation is the recipe for a very merry one.

A countdown checklist will help you survive the COVID-19 craziness and let you see out a challenging year on a high note.

This Christmas will have even more to navigate than usual, given the border closures, social distancing and financial pressures the pandemic has thrown up. But never fear.

You can still enjoy the festivities with this simple Christmas checklist:

10 weeks out from Christmas, my true love said to me: "Set your spending plan"

Allocate an amount to each person you need to buy for and then add it up. If the number is too scary, work your way backwards from a number you're comfortable with. If you're earning less this year, be creative.

Have a spring cleanout and sell unwanted items for extra cash or regift unused ones. Redeem loyalty and frequent flyer points to buy gifts. Look at presents that save money longer term – self-education books (including mine 😊) and courses mean loved ones can learn to DIY instead of outsourcing.

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Alternatively, go for handmade gifts: print and frame your photos; cook up a storm in the kitchen; grow cuttings from your garden; paint, draw or build something wonderful. Chances are it will mean more anyway.

8 weeks out from Christmas, my true love said to me: "Do your research"

Start looking now for what you'll need to get, as shopping around will let you hunt out the best price.

Get an idea of what you'll be getting for who. This will make it easier to do price comparisons. Also consider where they will come from – you'll need to prioritise things coming from interstate or overseas.

Start buying some things now – it means you won't have to put all your Christmas spending onto a single month's income.

6 weeks out from Christmas, my true love said to me: "Shop wisely"

With COVID causing shipping delays, now is the time to shop online so that everything arrives in time. Avoid using the credit card if you won't be able to pay it off when the interest free period ends.

How secure is your job?

Beware of bogus discounts. Is the "original" price really what the ticket says, or was it made up to make the current price seem like a bargain when it's really not?

Don't be fooled by scams – Aussies have already lost over $5.5 million to online shopping scams so far this year.

4 weeks out from Christmas, my true love said to me: "Scan the sales"

The Black Friday and Cyber Monday sales have become increasingly popular in Australia. You could bag a bargain if you've been tracking the prices on a particular item. Start stocking up on groceries, especially non-perishables – even better if you can buy in bulk.

Do the same for beer, wine and other drinks.

Get the wrapping paper out now too – you'll save yourself a last-minute bottleneck of presents to wrap if you do it as things arrive. Plus, it's nice to watch the presents gather under the tree. You'll know that person's gifts are done and stop buying more than you need.

2 weeks out from Christmas, my true love said to me: "Be clever"

Use last-minute shopping to your advantage. Stock up on the Christmas decorations, foods and items that are now on sale as stores try to clear unsold goods. You can put them aside for next year or an upcoming birthday.

Get the kids things they will need for summer holidays and back to school as stocking fillers – you'll be buying them anyway, so why not reduce the number of gifts you're buying.

Consider making donations to charity instead of buying presents last-minute. What better way to capture the spirit of Christmas, plus you'll save on shipping costs and wrapping paper, avoid the crowded shopping centres and can claim a tax deduction too!

Helen Baker is a licenced Australian financial adviser and author of On Your Own Two Feet – Steady Steps to Women's Financial Independence. Note this is general advice only and you should seek advice specific to your circumstances.