Golf Money List 2010
Money-saving on Christmas Lunch
You can save money on Christmas lunch during the financial stress.
With just four shopping days until Christmas, leaving your festive lunch preparation to the very last minute can be a sure-fire way to blow your budget.
Your Money looks at some strategies to cut the pain at least financially.
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1. Ask guests to bring a plate
Bourke Shaw Financial Services principal Lawrence Orlando says planning is vital and can involve asking others for help.
“You could ask invited friends or family to bring along a salad, fruit platter or bottle of wine to help out,” he says.
It is important that hosts should not be afraid to ask for help: This will not only cut down on the time spent in the kitchen, but also the pressure on your hip pocket.
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2. Write a food list and save
Just like when shopping for presents, a list when you go food shopping is vital.
“Heading to the shops without a list will see you impulse-buying on produce and ingredients you will not use,” May says.
“This will only add more onto the total bill. With a list, you know exactly what you need to buy, and this should match with your budget.”
3. Use junk mail for specials
“Don’t throw away the catalogues that are arriving in your letterbox daily in the lead-up to Christmas,” May says.
“Keep an eye out for good specials,” she says. “If you are buying food in advance, think what will last until Christmas Day and what you can freeze.”
4. Buy generic brands and shop late
AMP financial planner Domenic Pepicelli says creating a Christmas feast can be much cheaper using generic brands.
“Home-brand grocery lines can be 20 to 30 per cent cheaper than name brands and, these days, no one would consider you frugal because you’ve been savvy enough to buy generic items,” he says.
“Remember, generic brands are often manufactured at the same place as the more expensive brands, but they will substantially cut your Christmas Day grocery bill.”
Orlando says many fruit and veg outlets will be open very late this week, “so doing your shopping at 11pm may not be a bad idea it can save time and they may have great specials”.
5. Make your cheap wine look fancy
Pepicelli says it is not necessary to pay full price for wines. People can instead buy cleanskins wine without a label and then add a personal touch. “Cleanskins are usually surplus wine which wineries bottle themselves. They attract lower sales costs for the wineries, and as a result are sold cheaper to consumers,” he says.
“You can also be creative and add your own label or print your children’s artwork.
“This makes an excellent gift for friends or relatives as well.”
Orlando says hosts can save a lot of money simply by phoning liquor outlets before heading out to buy up big.
“One outlet may have the same carton of beer $10 cheaper than their competitor, so it certainly does pay to do your homework,” he says.
6. To market, to market, to market
Visiting markets can save money and be fun, Pepicelli says. “A lot of stalls at local growers’ markets offer bulk discounts and the option to haggle for a better price if you want to make a game out of it,” he says.
“Markets pride themselves on how fresh their products are, which means by mid-afternoon many offer large discounts for remaining stock.”
May says consumers are often amazed at the price difference when they go shopping at city markets or farmers’ markets.
7. Tis the season to buy fresh
Another shopping tip from May: “Buy fruit and vegetables that are in season, otherwise you will be charged for produce that is imported as it is not being grown in Australia”.
She says there can also be big savings at meat wholesalers and you don’t always have to buy the most expensive cut or type of meat. “Perhaps choose a turkey or pork roll rather than buying a whole bird or joint,” she says.
“The cheaper cuts are often just as tasty.”
8. How about skipping lunch altogether?
It may sound crazy but it can work, says Rex Whitford, principal of Wealth For Life Financial Planning.
“This year I will be giving the lunch a big miss,” he says.
“We will be having big celebrations over breakfast down the local.
“An all laid-on seafood smorgasbord that may cost about $20 per head, but there is no leftover and no hassle.
“They say you should eat like a king or queen for breakfast, a prince or princess for lunch and a pauper for dinner,” he says.
“All I’m doing is cutting out the middleman.”
9. Start saving for next Christmas
It’s too late this year, but having an early plan for Christmas 2010 can save you plenty of money.
Orlando suggests starting a Christmas savings fund at the start of the year.
“Most financial institutions should have them or be able to give you some assistance,” he says. “Any typical short-term savings account is suitable, as long as you alleviate the temptation to dip into it throughout the year if other funds start to run low.
“Alternatively, there are companies that offer and promote their Christmas hampers through the television or via the post.
The downside is that not all food items are catered for.
“Hams and roasts or even turkey can also be pre-ordered from your local butcher.
Ask them what specials they have at the time of ordering and you may get a surprise.”
10. Always keep your budget in check
As with all big expenses, budgeting is important.
May says it is easy to get caught up in the pre-Christmas hype, with people trying to create a luxurious, expensive lunch that is well beyond their means.
“Work out how much money you have available to allocate to the meal and what you would like to spend on food versus drinks,” she says.
“The key to not overspending is to stick to the amount you have allocated.”
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