The Christmas spending season is almost upon us, so what are three ways to be smart about where our money goes?

Call a family meeting in the backyard. Tell them to close their eyes, as you have a pre-Christmas surprise for them.

Unfurl the garden hose and turn the tap on full. Now, calmly, press the hose trigger and spray them mercilessly, like you were crowd-controlling rowdy protestors. Hose down those expectations!

Kids make Christmas Day magic. The little ones who behave on threats about the red-suited fat bloke in particular. With 6- and 7-year-olds, I’ve got maybe two years left.

Presents are a battle of quantity versus quality. My kids would probably prefer cheap quantity. They will probably get a bit of both.

But they are also beginning to understand a bit about money. If you spend money now, you will have less for later. That applies to the whole family’s finances.

I agree with Justine and Kerrin that Kris Kringles and lists with spending limits to go with them are crucial.

Third, I would say, is to get the family to understand that money does not equal love.

Christmas, for me, has always been about downtime with family and friends. Time is our most precious commodity – we can’t replace it. Downing work tools, days on the beach, building sandcastles, an icy-pole at the end of a family walk, board games and cards, jigsaws, watching test cricket and a bit of tennis.

That’s pretty much all free. But the time is irreplaceable.

Sure, Christmas is the most expensive time of year. But we make it more expensive that it needs to be. Spending more time and less money will create more memorable holidays.

Bruce Brammall is the principal adviser with Castellan Financial Consulting (www.castellanfinancial.com.au) and author of Debt Man Walking.