I know, we all say it every year: “Next year I’m going to do my Christmas shopping early” – but few of us do. And if you’re serious about buying a home, starting the New Year bogged down in Christmas debt is going to set you back.

According to research, Australians are notoriously bad at racking up debt over Christmas. A national study commissioned by Aussie at the beginning of the year revealed half of Australians accrued one third of their existing debt levels over the Christmas period.

To avoid racking up credit card debt this year, the easiest thing prospective home buyers can do is to kick start Christmas shopping now.

But before rushing off to the shops, it’s crucial to take some time to plan. Work out just how much of your income you can dedicate to Christmas shopping between now and 25 December and just who you need to buy gifts for.

Create a list of gift recipients and the gifts you’d like to buy them and cross-check these against your budget to determine presents you can afford.

Building a decent size deposit is the most powerful weapon any first home buyer can have. Not only can a well-sized deposit get you into the property market sooner, the more you can contribute to your property purchase upfront, the more money you are going to save on your home loan in the long run.