Saving for Christmas can easily become a source of stress—especially when figuring out how to afford gifts and holiday meals that keep loved ones happy.

But one mum is trending online for her simple trick to save for the holidays, and it takes $3.80 a day!

An online personality called ‘MoneyMumOfficial’ shared her savings plan in a video online, which was centred on saving enough money for Christmas presents and additional costs.

Although her savings plan was written using the British Pound as the currency, it can be applied to Australian dollars.

MoneyMumOfficial shared her tips and tricks on how to save for Christmas. Credit: @moneymumofficial / TikTok

'I get asked all the time, how am I going to afford Christmas,' Money Mum explained while pointing to her paper.

'Okay, let's break it down, just after Christmas Day this year, put away £2 (approx. $3.83) per day, that's £14 (approx. $26.82) per week,' she shared.

‘That's Christmas sorted for the next year, you just made £728 (approx. $1394.47) if you start the day after Christmas Day this year. This should cover a lot of the Christmas presents and the food, I hope this helps,’ she said.

The video gained divided reactions online.

For some, it was a tried and tested technique.

One commented, ‘I've been doing this for years, put away £60 (approx. $114.93) per month this year and already almost finished my 4 kids Xmas shopping with money left over.’

For others, however, Money Mum’s advice had striking shortcomings.

‘£700 (approx. $1340.84) to cover Christmas seems quite low. Not that easy to save £60 [approx. $114.93] a month either,’ another said.

One suggested, ‘I save up year around for Christmas and birthdays. Work out a budget that suits you for each person, then work out a weekly/monthly amount.’

You can watch the video below:

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According to Finder’s research on consumer spending among Australians ahead of Christmas, the average Aussie is expected to spend $1,479 in the 2023 holidays, which covers travel, dining out, and food.

Travel, presents, and food spending are the three most projected expenditures, with Aussies estimated to spend $533, $373, and $249 in each category, respectively.

Have you already planned your Christmas feast? If not, you can check out this list of prices of the essentials to lessen your stress of the festive feast planning.

Key Takeaways

• Social media personality MoneyMumOfficial shared a trick to help afford Christmas expenses, which involves saving a small daily amount.
• The plan recommends setting aside approximately $3.83 daily, roughly $26.82 per week.
• According to her calculations, this method would save approximately $1394.47 by Christmas.
• The savings plan has generated mixed reactions, with some users finding it helpful while others find the targeted amount too low.
  

What do you think of this savings trick? Do you have other ways of budgeting money for Christmas? Share them in the comments below!

 

[AlanQ]

Some of the financial institution used to have (goal) savings accounts that you could have a small amount deposited each week and not access until the date you nominate, ie early Dec. This wasn't just for xmas, but for car rego, insurance option to pay monthly existed. Multitude of app have similar offering now.

 

[Knell]

Yes, the smart way is to work with a considered budget - I just don't have the discipline unfortunately.

 

[Noraya]

I never did it for Christmas, but always for my cars: the day I got a new car I started putting the equivalent of a cup of coffee in a box. It usually took me 10 years to save enough to be able to buy a new car! And it didnt hurt!
This time I didnt do it, as I assume at my age I wont ever buy another car, so now I ll take that money to travel

 

[MIZMAC]

Instead of buying individual presents for everyone we have a family Kris Kringle.
There are at least ten involved. You are allocated a member to buy for. We set $100.00.
This is set up by internet. You can nominate suggested presents for yourself.
We find no "daggy" gifts and also cheaper.

 

[RTS]

This should be posted in January to be of any benefit.
It's like receiving gardening advice in August on planting bulbs.

 

[Knell]

Haha RTS - "It's like a death row pardon, two minutes too late" Alana Morissette "Ironic"

 

[Lizzylou]

I have had a christmas club account for years, I put 20 dollars away a week, if i can afford more I do so, would love to add another five dollars but with everything constantly going up I have kept to the 20 dollars, by Christmas I am well on my way to having money put away for present and food, although I do use the reward cards of Woolies and Coles to have money at the end of the year for food as well, every little thing helps. As my mother used to say look after the pennies and the pounds will look after themselves. Yes she was English but the same applied here in Australia.

 

[magpie1]

From little acorns mighty oaks grow......

 

[marni]

This should be posted in January to be of any benefit.
It's like receiving gardening advice in August on planting bulbs.

surely you could make a link to remind you on Jan. 1?

This should be posted in January to be of any benefit.
It's like receiving gardening advice in August on planting bulb

 

[marni]

I have had a christmas club account for years, I put 20 dollars away a week, if i can afford more I do so, would love to add another five dollars but with everything constantly going up I have kept to the 20 dollars, by Christmas I am well on my way to having money put away for present and food, although I do use the reward cards of Woolies and Coles to have money at the end of the year for food as well, every little thing helps. As my mother used to say look after the pennies and the pounds will look after themselves. Yes she was English but the same applied here in Australia.

yes Coles and Woolies help me to fund Christmas - I have a friend who does the same with bottle and cans. The refunds go into a special account. Neighbours help, about 70 c per week each, it all helps

 

[Littleboy8]

Instead of buying individual presents for everyone we have a family Kris Kringle.
There are at least ten involved. You are allocated a member to buy for. We set $100.00.
This is set up by internet. You can nominate suggested presents for yourself.
We find no "daggy" gifts and also cheaper.

Is that $100.00 per person per presentthat’s a lot of money for one gift.