Christmas can be a real headache if you are short on cash – if you want to make sure that your finances don’t suffer too much over the festive season, here are some tips to help you…
Look for Offers and Deals – A good way to start is to look out for offers on items that you need. By waiting for offers you can save money – however don’t buy something just because it is on offer, make a list of what you want to buy and look for the deals on that item.
Buy Second Hand – There are lots of things that you can get for less if you buy second hand – from toys and clothes, to tech items like these refurbished laptops www.refurbishedlaptops.co.uk
Have a Set Budget – Before you start doing anything, plan how much you can actually afford to spend and what you are going to spend it on. By sticking to your budget, you will save yourself a financial headache in January.
Cut Down on Christmas Parties – Something that can really take its toll on the bank balance is going to lots of Christmas parties and events. Decide what you want to go to the most and maybe rather than going out, meet with friends at each other’s homes to save some money.
Start Early – Starting early can not only help to spread the cost of Christmas but you can also pick up lots of reduced items in the sales throughout the year. It also saves the stress of the last minute Christmas rush!
Plan travel and gifts well ahead
Travel is one of the bigger Christmas costs, so it pays to look at your options early. Travelling on a different day or by a different mode of transport can save a good deal, and train tickets and flights are usually cheaper the earlier you book.
Last minute shopping is another common cause of overspending, because a desperate search for presents leaves little room to compare prices. Plan out every gift you want to buy well before December, whether that is a knitted sweater, a perfume or an aftershave.
Starting early also gives you time to watch for discounts. With your list ready, you can keep an eye on each item and buy it when it goes on offer, including during Black Friday sales. Knowing exactly what you need to buy makes it far easier to set a budget and stick to it, so the festive season does not leave you short in the new year.
Carrying good habits into January
Saving over Christmas is only half the job, as January can be just as hard on the budget. Treat the new year as a chance for a fresh start. Cut back on takeaways and ready meals, cook economical meals from scratch, and consider reducing drinking or smoking, which saves money as well as improving health.
In the sales, only buy what you genuinely want and need, because a bargain you never use is still wasted money. Look out for reduced and special offer food, use voucher codes and coupons, and make use of store and supermarket loyalty cards.
If you cannot clear your credit card each month, the interest soon adds up. Try paying cash for a month and set a fixed budget within your means. Check that your income and outgoings balance and that bills and essentials such as travel to work are covered. Once budgeting becomes a habit, you may find you have more spare money than expected.