This calculator is for anybody who has Christmas presents to buy for friends, family, co-workers and extended family.
Every Christmas millions of Australians have a list of people to buy for and a limited amount of money to spend. Maybe your family only consists of you, mum and dad, but chances are there are brothers and sisters, grandparents, family friends and in-laws to buy for too. Co-workers might also get a look in.
No matter how long or short your Christmas present list is, or whether your budget can stretch a little or a lot, you will be able to see the whole picture on your Christmas spending when you use this calculator.
Going on a Christmas holiday? Or planning a New Year’s Eve to be remembered? You can factor in the cost of your travel and expenses for those too.
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You can allocate how much you want to spend on each gift you have to buy, or the amount to spend on different groups.
The spreadsheet will remind you of what you might need to pay for, and also gives plenty of free space to add in other personal costs you might want to consider. Everything from your Christmas cards and gift wrapping to donations you make to charity and money spent on the Christmas dinner is included to get you started.
At the end you’ll see what you’re spending and in what areas, and you can adjust your plans accordingly if you need to. Can you cut back on some gifts for distant relatives to be able to afford a New Year’s Eve getaway? The calculator will show you.
If you need to borrow any money on your credit card or take out a loan the calculator gives you an idea how long it will take to pay off, and any interest charges that come with the debt.
If you use different credit cards you can add and adjust the interest rates that apply to the different debts. You can also see how much you can spend without having to use credit with this calculator, which could inspire you to be more sensible with your overall budget.
The expenses sheet will show the total cost of your planned spending when you’ve filled out the amounts in each category relevant to you.
Once you’ve added everything in and see the total, you can adjust spending in different areas to make sure you don’t go over your original budget.
This sheet will help you work out your monthly repayments and how much interest you will be paying on top of the principal balances from your expenses. You would only need to fill out the interest rate on this sheet if you plan on using a credit card or loan for some of your Christmas expenses.
Jonathan and Isabelle want to go away for around two weeks over the Christmas period. They always spend Christmas day with Isabelle’s family in Sydney, but also want to take their two children north to Byron Bay for some beach time with Jonothan’s family and a few days in a cabin by themselves.
Isabelle has listed the estimated $5000 travel costs as part of their Christmas spending list on the first spreadsheet.
They are mostly going to be using savings, but plan to purchase the plane tickets on Jonothan’s frequent flyer credit card to earn points, so used the second sheet to work out how much to pay off the card each month. They plan to spread the $1,500 cost for the flights over three to four months and want to know what the interest costs will be.
Here’s what it looks like on the calculator:
Isabelle has added the cost of the flights under ‘tickets’ and added new rose for the accommodation in Byron Bay and the budget for family entertainment while away.
This can then be incorporated into the total cost of Christmas along with the gifts, food and other expenses. Everything listed will be added up to show the total.
Altogether, including gifts and other expenses, the family’s Christmas spend is $10,475.
Jonothan used the interest calculator sheet to check how much interest they will pay for the flights on his frequent flyer credit card if he pays if off over 3 months.
Paying off the flights over 4 months will cost $51 in interest.
Jonothan then decided to cut down $500 from the rest of the budget and pay for the flights with some of his Christmas bonus, saving interest because he could make the payment within the interest free days. This means he gets the maximum value out of his card, earning the points and paying nothing in interest.
Control the costs this Christmas – Now that you know what you have to buy, and who you have to buy for, you can start thinking about what to get and putting money aside, or buying early gifts when you spot a good deal. You can also let friends and family know what you will be spending so that everyone is on the same page and knows what to expect.
Know when you’ll be debt free – The repayments and interest calculator will give you an understanding of how many months you’ll need to deal with any Christmas credit card spending. You will also know exactly how much interest you’ll be paying, so you might even be motivated to cut down the amount you use the credit card over Christmas, or bump up your repayments in the New Year.
Cut out the non-essentials – Listing out all your expenses might show you where you can trim some fat from the Christmas budget. Look at how much you really need to spend for different gifts, and see whether decorations and other things left over from previous Christmases can be reused. You might even decide to spread the cost of the Christmas dinner by having everyone contribute something (food or money) or DIY some Christmas gifts instead of buying.