Studies show we each spend a whopping £54,000 on average on Christmases over the course of our lives. But, with careful planning, we can reign that cost in while still giving plenty of presents and providing our families with good cheer.
With so much to pay for, it can be difficult to cover the cost of everything. That’s why in the lead up to Christmas, it’s important to keep track of your money. Failing to do so could lead to overspending, leaving you with a financial hangover as you approach 2018.
Not to worry, though! There is no need to become Scrooge to stay out of debt this Christmas. If you want to stay in control of your finances and avoid overspending this Christmas, be sure to take note of our 7 money-saving tips below!
Set your budget:
The most important step you can take to avoid being financially bloated this Christmas is to set a meaningful budget. Take the time to sit down and work out exactly how much cash you will need over the festive period. Split it into key areas like presents, food and drink, travel costs, and parties. Then think about what you can do everyday to save a few extra pennies. Perhaps you can ditch the daily Starbucks or make a packed lunch instead of buying lunch at work for a few weeks?
Make a plan:
The typical shopper around Christmas will write out their list of what they’re going to buy and for who, head to their local high street and through and buy the first item on their list, all while adding debt to their credit card. Heading to the high street for Christmas presents may seem a good idea but can very easily lead to impulse buying and overspending. Compare prices online and ensure you only buy genuine good deals.
Track your spending:
As is the case for most of us come Christmas time, we tend to focus on the big purchases at Christmas, so it is easy to forget little things that eat into our budgets. You will be surprised at just how much small spends such as wrapping paper and Christmas cards can add up.
Get into good habits:
With still a few weeks to go before christmas, you can save a decent amount and stop you turning to credit cards or loans. Debt management companies such as CreditFix can help you budget how much you can afford to spend in the run-up to Christmas. Click here for more help and information if you need some help with debt management or setting a budget.
Think about transport:
If you know you have to travel over Christmas, buy your tickets early to get the best price before the prices hike over the festive period. And don’t forget to add petrol costs and travel fares to your overall budget.
Christmas is more than just presents:
Remember, christmas is a time for friends and family, not a competition on how much you spend. Enjoy the time with your family and avoid falling into the trap of retail enticements.
Whether it is having one too many chocolates or buying a new outfit, we’ve all been guilty of using Christmas as an excuse to overindulge. Don’t give in! Stay strong and stick to your goals!
Take these tips on board to prevent you from getting into crazy debt this Christmas. You won’t have to worry about your bank balance over the festive period, rather you’ll be able to sit back and let the turkey settle – after all, that’s what Christmas is all about!