Saving the deposit for your first home can make it harder than usual to find extra cash across the Christmas and New Year period.

With these practical tips you can still enjoy the spirit of the season without compromising your first home savings goals:

1. Create a budget and stick to it

How much of your hard-earned cash do you plan to devote to the Christmas period? Once you’ve made a decision, create a detailed list of every anticipated expense and assign a dollar limit to each one. Make sure you include presents, decorations, food, drinks and so on. Stick strictly to assigned amounts, and if you happen to pick something up for less than you expected, pop the savings towards your home deposit balance instead of spending it.

2. Shop online and count the savings

Make the internet your friend this Christmas. Search for online sales and special deals. Follow your favourite brands on social media, subscribe to e-newsletters to take advantage of promo offers (you can unsubscribe after Christmas is over) and check out sites such as eBay for cheaper prices on the items you want to buy. Save on shipping by making all your purchases from each retailer at once, or by choosing ‘click and collect’ to completely avoid paying for shipping.

3. Be gift wise

With a home deposit your first priority, seek ways to cut down your spend on festive gifts. Is your budget strained by the weight of buying a large number of presents? If this is you, suggest that family and friends participate in a kris kringle (with a capped dollar amount) in lieu of buying for everybody. Where you can, give gifts that don’t break your budget. Try home baked items or a personal voucher. Receiving an “I’ll mow your lawn for a month” coupon could make your favourite friend or relative's day.

4. Be celebration savvy

December and January are classic party months, but you can still socialise and celebrate on a budget. Choose BYO restaurants for Christmas catch ups to reduce your spend on alcohol. Take cash with you when you go out, to limit how much you spend at an end-of-year party or event. If you’re tasked with bringing a dish, search for festive recipes that don’t use expensive ingredients.

5. Stash the credit card

Many of us have experienced Christmas debt regret. Get on the front foot this year by relegating your credit card to a safe place, that’s not your wallet. Avoid Christmas expenses following you into 2020 by staggering your shopping trips and always paying with cash. As the new year dawns, get on the front foot by implementing a savings plan for next Christmas or locking funds away in advance. A term deposit offers guaranteed interest, plus the knowledge that your festive funds are in safe hands until you need them.