With Hallowe’en just around the corner, and Christmas a stone’s throw away, it’s not a surprise that people are already thinking about what they will be buying this Christmas. Christmas requires thinking about your money carefully so that you don’t end up overextending yourself. There are temptations everywhere especially considering that retailers have already started preparing Christmas holiday promotions such as gift set ideas. How do you really then plan for Christmas spending? We have a few tips and ideas that should help you on your way.
#1 – Start saving
Don’t wait until your pay from December to buy gifts for Christmas. This is one of the easiest ways to fall into debt during the Christmas period. It’s better to start putting money aside now so that you can save for later. One of the best ways to save for Christmas is by cutting down on small but indulgent things that you might buy every day. For example, many of us loving indulgent Starbucks coffees that are a few quid, and we show our passion by drinking them every day. Stop doing this for a month and you will find a stream of cash that you can put towards your Christmas shopping.
#2 – Write down what gifts you will be buying
It’s important to write down what gifts that you will be buying for friends and family. This is going to help you stay on top of how much you will spend. Don’t feel obligated to buy gifts for everyone. If you can afford to buy presents, you can but if you cannot afford to buy gifts at the moment, you shouldn’t. If you are planning on big gifts, better to look for them through discounts so that you can keep your costs down.
#3 Don’t forget vouchers and offers
Vouchers and offers can help to significantly decrease your Christmas spending. Companies like to offer vouchers and offers for Christmas time because they know that people want to buy as many products as they can get. Vouchers are particularly popular for Christmas dinners at your favourite restaurants.
#4 Look for deals online
Online shopping has become a massive business with giant businesses such as Amazon.com which has changed how people shop for products. Ecommerce’s success during Christmas has to do with how convenient shopping is online. Many Britons like the convenience that online shopping gives them without having to do with the swells of big crowds on the high street. If you plan to do a lot of your Christmas shopping online, it’s a good idea to assign a specific debit card so that you don’t spend all of the money in your account. Using your current account for your Christmas shopping could make you spend all of your money that you need to assign for bills and debt repayments such as payday loan repayments.
#5 Go to the high street
Last Christmas, the Mirror reported that over 13 million people went to the high street to do Christmas shopping as they prepared for the final surge of Christmas gift shopping. The high street is the traditional way that many people still buy Christmas presents today because it is all part of the general experience of going shopping for Christmas. There is something almost like a ritual for most people who love the thrill of Christmas shopping by finding new gift ideas that you might not find online. Shopping on the high street is fun if you want to touch and feel the products that you are looking for. Buying in person can also help you figure out whether a specific gift is right for someone.
#6 Decide whether you are going to splurge or save
According to the Telegraph, Brits are the most generous Christmas shoppers. The newspaper reported that Brits are said to be generous with giving gifts for Christmas, spending more than the average American. Splurging might make sense if you don’t have many repayments to make for instalment loans for example. You need to assess your personal financial situation in order to make a judgment call on whether you are going to splash the cash or if you are going to save. A general rule of thumb for Christmas shopping is don’t spend money that you will regret having spent. January bills still need to be paid and they will not go away anytime soon. Shoppers who save their money are able to decide what gifts they want to buy but they can also do it on a budget.
#7 Don’t forget about yourself
It can be tempting to buy many Christmas gifts for other people but don’t forget about yourself. If you are on a budget, you need to be aggressive about choosing one or two Christmas gifts that you can treat yourself with. Stay away from excessive gifts that are too expensive.
#8 Don’t forget about food & parties
The cost of Christmas dinners, food and drink is something that is underestimated by people during Christmas. When you are so focused on Christmas crackers and puddings for the holiday season, it can be easy to forget about all of the alcohol that will be purchased by you or your family and friends. It’s really important to factor this into your budget. Food and parties are an important element of the Christmas holiday fabric but they can also trip you up with your budget if you are not careful.
Ultimately, Christmas is a time for celebrating with your family and loved ones. It’s critical to understand how your finances will work during Christmas in order to make sure that you are having a good time in order to avoid money stress. One of the best ways you can do this is to follow our tips and to stay on top of your debt repayments such as payday loans and instalment loans. By being financially responsible, it’s easier to enjoy the Christmas holiday period and all of the fun things that come along with the time off you will receive.