How To Be Thrifty During Christmas

Holidays may be “the most wonderful time of the year” but also the most expensive time too. The anticipation of “Christmas” might cause fear especially when you are on a budget. Here are our top 6 tips to avoid financial stress and avoid racking up the Christmas debt this December.

Set Up A Budget. First, work out what you can afford to spend. A typical household spends extra in December mainly on food, alcohol and presents. That’s a lot of extra cost to absorb from December’s pay, not forgetting New Years. There are a few times in life when a good strategy will help to make your life a little easier. If you already know what you would like to accomplish with your budget during the festive season, you are less likely to overspend on things that you really don’t want, or need. Create a list of all the items you might buy this Christmas and order them according to what’s most important to you.


Be Realistic With Your Budget. People tell themselves that they need to stick to a budget that’s similar to their usual spending habits. While this is a nice thought, it’s not always a realistic option, as chances are you are going to need a whole lot of money to fulfil your wish list for gift, food and decorations as your standard monthly budget is just not going to cut it. If you are realistic about how much you need to spend, you’re less likely to fall completely off the wagon when you splash a little more cash than usual.

Hunt for Discounts. Don’t wait until the last minute to get your Christmas gift. The best part of hunting for discounts is that they are available all around the year. The monthly sales such as 11.11 or the 12.12 sales are a great time to get gifts especially when you are able to get super low prices and provide multiple vouchers to be redeemed. Keep your eyes peeled for these discounts as they are a lifesaver especially when you want to save money.

Split Your Payments at Zero Interest. If you are planning to get expensive gifts, get them months before Christmas. This way, you would not be dumping a whole lot of money into only one gift. There are multiple ways that you can split your payments, for instance, buy now and pay later. myIOU’s buy now pay later, provides a maximum of 6 months to split up your payment according to their respective merchants with instant credit approval up to RM1,000 and as high as RM10,000. While you’re at it, take advantage of their 0% interest monthly repayment. To know more about myIOU’s, click here.


Share the cost. It’s thoughtful to get everyone presents, especially when Christmas is a time of giving and sharing. But if you come from a large family, it is just too costly to get everyone an individual present. Instead, try to co-share the gift with a family member. This way, the both of you would be able to save some money and eventually would be able to give a better and thoughtful gift.


But if you do end up accidentally needing to get a gift or you left someone out of your list and you’re in a tight financial situation, download the myIOU app and get your gifts delivered to your doorstep without the hassle of going shopping or worrying about paying upfront for it.


This Christmas, be a smart spender and shop via myIOU which provides instant credit up to RM1,000 with flexible repayment plans and zero interest fee! Click here to know more.