Yep, the clocks have gone back. It’s dark early. Christmas and party season looms… along with the annual over-spending fest that hammers your bank account. What to do about Saving for Christmas?
The UK’s leading Business Expert and author of ’Simple Tips Smart Ideas,’ Erica Wolfe-Murray shares her tips on how to budget your money this festive season!
Start saving for Christmas early and get those lists planned
List all your lucky family and friend, allocate a budget to each gift and stick with it. Last minute gifts rack up an overspend as you compensate by grabbing the nearest present. Planning your gifts throughout the year makes sense, but by now it’s too late to do that. Buy small and inventively.
And why not agree a price limit together – by keeping it low, you will all need to be extra smart about what you give.
Read simple weays to make your wages go further.
Gift experiences, not ‘stuff’, to spread the cost
Memories are rarely about what you unwrapped on Christmas Day, but more about what you’ve done together. By giving your bestie a gig ticket, an away-day, a spa treatment together, you can spread the cost paying when you’ve confirmed the dates.
Get creative with your wardrobe
Why spend on a new frock when you’ve got a wardrobe full of goodies? Get your girls together well in advance of party season to swap, share, adapt. Bringing fresh eyes to see what looks fab with a little bit of added zhush and sparkle.
Reboot your career
With a midweek Christmas and New Year this year, once the festivities are over, there’s time to spend a day focused on you, your hopes, your dreams. If you want to make changes – start to plan them now in the quiet time. Determine your ambitions then pull together a calendar to get you there. If you’re thinking of changing tracks, do you need to build a financial buffer to tide you over?
Own your finances
It’s pointless to let finances and money run you, you need to take control. If you find it hard, look online for a money bootcamp. Or team up with a friend in making a plan to improve both your positions. You can support each other if the going gets tough.
Review the last year to see what you each spent when. Do you need to change any habits, cut back on random spend? Cancel any direct debits or standing orders that you no longer need? Get better mobile or other contracts? Do it now.
Waiting for January – a six-week month
No-one ever mentions the drawn-out pain of your December pay having to stretch six long weeks til January’s remittance hits your account. Think ahead to avoid the strain… Ensure no annual or quarterly subscriptions/fees are scheduled for January – push them to a later month. If you’ve hammered your credit card or slipped into an overdraft during the party season, ensure you are on the best deal you can get. And pay the higher interest ones back first.
So there you have it… our top tips on saving for Christmas and your ultimate winter work-out for your money leaving you financially fitter when the new year gets underway. Starting early will get you on to a roll – meaning you can celebrate the positive difference to your money this time next year.
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