While Christmas may actually only consist of one day, the truth is that the festive season lasts for weeks on end, but if you don’t have a solid plan, your finances may not.
As expectations increase, people find themselves spending more than they can afford in order to make this Christmas extra special. With gifts to buy for the whole family, a delicious five-course meal to prepare, and not to mention stocking up on Christmas treats and nibbles, your budget can soon be stretched to the same degree as those special turkey pants you wear on the big day.
But don’t feel helpless just yet, there is plenty of time to make a difference with your spending habits and still have a wonderful holiday.
Write expenses down
It may not sound like the most exciting thing to do, but writing down every Christmas expense you have will keep you on track with your budget. Often you don’t realise how much you are spending, especially if you have been buying bits and bobs for the last few months. Didn’t realise you’d spent $20 on Christmas chocolate for the kids? Write it down to avoid frittering away the budget.
Underestimate your budget
Even if you actually spend $425 for Christmas, it is always better to over budget and work it out as if you’ve spent $500. This will enable you to have some extra money left over just in case something goes wrong and you need emergency funds, as opposed to being left with nothing.
Limit to one item
If you have children, you will be familiar with the plethora of toys they demand every year, only to leave most of them unopened on the floor while they fall in love with the chosen one. Instead of buying your children multiple presents, simply purchase the one they would like the most. This avoids any wasted money and teaches your children to be more appreciative for what they have.
Utilize the power of the sales
Unless you can hop into a time machine and go back to January, the sales may seem useless to you. But did you know that many retailers have pre-Christmas online sales, such as Black Friday and Cyber Monday where you can find items with significant price reductions. Get online today and see what you can find!
Use cashback websites
Want to earn money for shopping? Simply register for free on a cashback site and continue shopping through their portal to earn a percentage of your shop back.