Do a Christmas budget
Create a budget for Christmas presents before you hit the shopping centre or online stores.
The budget should list all the people you need to buy gifts for and the price you want to spend on each person.
Sticking to this budget helps you to avoid impulse buying and gives you better control of your money. You'll avoid the January blues when your credit card statement hits.
Reassess your gift list
You could get your family, friends or colleagues together and decide to reduce the number or cost of gifts by:
• Running a gift exchange, where each person is allocated another person to buy a gift for, and that's the only gift they buy
• Limiting the cost of presents, example $30-$50 per gift
• In families where there are kids, only buying presents for them and not the adults
Use your debit card or cash
Try and stay away from using your credit card. Instead, buy gifts with your debit card or cash. Then you'll avoid paying high interest on your credit card in the New Year.
Compare prices online
Compare costs of gifts online before you get to the shops. Then you'll know the cheapest prices around and will be able to negotiate a better deal with retailers.
If you decide to buy gifts online, beware of scammers. They are very active at this time of year. Make sure you know who you are dealing with before you buy online.
Buy gift cards as presents
Buying the right gift can be tricky. Gift cards are a quick and easy solution for those 'hard-to-buy-for' people.
If you buy or receive gift cards this Christmas you'll also be able to get more for your money if you spend the cards in the after-Christmas sales.
Cut costs on cards, decorations and food
To cut your Christmas costs you can get creative and make your own Christmas cards and decorations.
You can also keep Christmas simple by asking each person coming to your festive meal to bring a special dish.
If you send money overseas
If you have friends or family overseas, you'll likely want to send them money for the holidays.
There are a few different ways to send money from the BVI to another country. You can send cash through a money transfer service, transfer money through your bank account or do a wire transfer through a bank.
Be very careful who you send your money to; it’s very hard to get it back once you’ve sent it.
Money Matters BVI wishes you a happy, safe and inexpensive Christmas!