Wouldn’t it be nice to start 2017 without the money hangover that Christmas usually brings?
We have put together some tips to stop you damaging your finances this Christmas.
First, the most important step is to create a budget. Without a budget, it is easy to overspend. Your budget should include all the regular items like your mortgage and bills and then with the funds left you can allocate to the festivities including;
Write a list of who you will be buying gifts for and allocate an amount of money you can afford to spend on each gift. Going shopping without a list and a budget is a sure-fire way to overspend.
A good way to save money on gifts is to arrange a Kris Kringle with extended family, colleagues or friends to reduce the number of gifts you need to buy and the amount of money you spend. Better still, you could talk to your friends or family about not exchanging gifts at all. Christmas should be about spending time with loved ones not necessarily about spending loads of money on exchanging gifts.
Work out what functions you plan on attending and how much money you can afford to spend at each. By planning in advance what social functions you will be attending it makes it a lot easier to turn down last minute invitations, don’t be afraid to say no occasionally. We all need a little time out around Christmas so that we can get through to the big day without burning out.
A great way to save money at social events is to drive, this means you not only save on the cab fares but you will also spend less on alcohol, which your body and wallet will thank you for once Christmas is done and dusted.
If you are hosting Christmas day celebrations make a list of what you need and look out for items on sale ahead of time. Ask your guests to bring along a plate of food or drinks to share. This takes the stress out of having to cater everything yourself and reduces the amount of money you have to spend.
Shop Around and buy online
With the internet at our fingertips, it is easy to compare prices at different shops before we even leave the house. Better still, shop online. That way there is no temptation to buy things not on your list and you can avoid the queues and headaches that come with Christmas trading. You can buy everything from groceries to gifts from the comfort of your couch.
Finally, make sure you track your spending to keep your budget in check. There are tonnes of apps available that can do this for you or just keep a notebook handy to write down what you spend.
A little bit of planning at the outset can really help you to avoid overspending this Christmas so you can enjoy the silly season and start the New Year in good financial shape. If you would like to chat to someone about your finances, contact the team at Rise High Financial Solutions and we will make sure we put you in touch with the right people to get you the advice you need.