Simple Ways to Save: Four spending traps to avoid this Christmas

potThere are some definite Scrooge vibes coming from the RBA right about now. I know, I know, we have to get inflation under control.

But do we have to do it 47 days before Christmas?

I know someone whose mortgage payments have tripled! They have cut back on their household bills as much as possible, but you can never cut back enough to counteract a tripled mortgage payment.

Watch the video above.

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My rent has increased by $90 a week and someone else I know had theirs increased by $100.

Food is expensive, petrol is expensive, EVERYTHING IS EXPENSIVE!

Which means we have to watch our spending even more this Christmas, more carefully than we've had to in years.

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Here are four common spending traps to avoid this Christmas that are easy to do with a bit of forward planning:

1. Avoid dipping into your savings

Once you decide on your Christmas budget, stick to it. If you have money left over, put that back into savings instead of spending it on more items

2. Don't use 'buy now pay later' services

They don't save you money, you will still end up spending the money just over a longer period of time.

It's better to choose affordable purchases in the first place.

3. Plan gifts

Chat to family and friends so you aren't doubling up on any planned gift purchases. This is an easy way to save and ensure your gift doesn't end up going to waste.

4. Avoid getting caught up in the Christmas 'spirit'

All that festive cheer just leads to impulse purchases and blown budgets. All the displays are bright and loud and sparkly and designed to get you to spend more than you need. Instead, if you spot something you want to buy, sleep on it.

If you still want it the next day, go for it, but normally you'll realise you don't want or need it after all.

Or you at least give yourself time to find a cheaper option.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.