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Build your festive savings buffer

A stress-free festive season may sound like a Christmas miracle but it is possible – with a little forward planning.

By Laura Culbert

  • Preparing early could make it easier to manage the extra expenses that often come with the festive season.
  • Learn how to set a savings goal, build good habits and track your progress over 10 weeks.
  • Discover practical tips to help you save with confidence and spend with purpose.

The holiday season is a magical time... but it doesn’t always come cheap. Between food, presents, travel and all those festive catch-ups, your bank balance can take a hit. But what if there was a way to soften the financial impact of the season without sacrificing any of its charm? The solution is to start building a savings buffer in the 10 weeks leading up to December so you’re not caught off guard when the expenses pile up.

Week 1: Understand your festive spending needs

Start by auditing your finances. First, consider how much extra money you usually have on hand every month. Next, jot down your gift list and entertaining obligations and do some back-of-the-envelope sums on how much you’ll likely need to cover Christmas. Once you determine the difference between these numbers, you’ll have a good sense of how much you need to save to cover the shortfall. The secret here is to be honest about your outgoings and look at every dollar spent. Your plan is only effective if it starts from a place of complete transparency.

Tip: Create an earlier savings deadline

Plan for your 10-week buffer period to end in early to mid December so you avoid last-minute panic and price hikes. “I love an artificial deadline,” says Westcott. “It means you get to stride into the festive season with your money sorted and that confidence means you can actually enjoy the festivities.”

Weeks 2–6: Build your savings habit

Now that you’re clear on your goal, take a fresh look at your budget and see if there are any expenses you can cut back on, even just temporarily. For example, you might cancel your Netflix subscription over the busy festive period – will you even have time to watch Elf anyway?

If you struggle to stay disciplined, take choice out of the equation. In the savings section of Insights in the CommBank app, you can add a goal and then break it down into weekly automatic transfers so you never miss your target. “Automating your savings takes decision fatigue off the table,” says Betsy Westcott, a financial wellness expert and coach. “The transfer is already taken care of.”

Weeks 7–9: Review your progress and adjust if needed

After a few weeks, check how your strategy is going. If your savings buffer is growing, you’ll feel motivated to keep at it. But if you’re falling short, it’s time to adjust. “Ask yourself what needs to change,” says Gemma Mitchell, financial adviser and author of The Money Reset. “Is your goal realistic? Can expenses be reduced further? Can you bring in extra income? Think about the levers available to you and what makes sense for your situation.” Not sure where your money is going? Up your saving IQ with real-time intelligence and Insights in the CommBank app.

Tip: Make the most of interest on your savings

“While interest won’t make you rich on its own, it does compound,” says Westcott, “so it’s closing the gap to your goal a little faster each month.” With CommBank’s GoalSaver account, you could get bonus interest for growing your savings balance each calendar month. Search CommBank GoalSaver to learn more.

Week 10: Put your festive buffer to work

As you spend your festive fund on gifts and other expenses, stick to your budget (and try to resist the temptation of extra stocking stuffers). If you build up savings early enough, consider taking advantage of sales like Black Friday and check out any discounts or offers you may be eligible for through CommBank Yello. The usual rules apply: have a list of what you want to buy and always compare prices. “Sales can be great but they still require discipline,” says Mitchell. “The risk is getting caught up in the hype and buying things you wouldn’t have considered if they weren’t discounted.”

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Published: 14 October 2026

Things you should know

An earlier version of this article was published in Brighter magazine.

This article provides general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as personal financial product advice. The views expressed by contributors are their own and don’t necessarily reflect the views of CBA. As the information has been provided without considering your objectives, financial situation or needs, you should, before acting on this information, consider what is appropriate for your circumstances, and where appropriate, consider the relevant Target Market Determination, Product Disclosure Statement and Terms and Conditions available on our website. You should also consider whether seeking independent professional legal, tax and financial advice is necessary. Every effort has been taken to ensure the information was correct as at the time of publishing but it may be subject to change. No part of the editorial contents may be reproduced or copied in any form without the prior permission and acknowledgement of CBA.