How to plan in advance for the cost of Christmas
It seems like summer was only yesterday, but the temperature is dropping and the nights are getting longer and now Christmas is approaching. This year, people will want to really make the most out of the holiday season and this is why now is a good time to start planning financially.
An Expensive Period
Christmas can be an incredibly expensive period and one that many people struggle to afford each year. Research shows that the average British adult will spend £476 on gifts and you then have various other costs to cover, such as meals and nights out, travel, cards and various other costs over the holiday pe-riod. It is understandable that people want to make savings, especially in the current climate, so what are a few of the best ways that you can go about do-ing this?
Start Reducing Spending Now
First, you should start reducing your spending and the earlier that you do this the more you will be able to save. There are a number of ways to make savings in the run up to Christmas, such as:
- Cutting back on meals/nights out
- Shopping at a cheaper supermarket
- Buying non-brand products
- Eliminating unnecessary spending
You might also find it helpful to use a prepaid card to control your spending. You simply load up the card with money and then will need to top it up once it reaches 0 - this can make it easier to avoid overspending.
Track Christmas Spending
Following on from this, you should also track your spending for the holidays to prevent spending more than you can afford. You could create a spreadsheet to keep track of your spending and in different categories, such as gifts, social events and travel.
Shop Around
Instead of leaving shopping till the last minute and buying the first thing that you find, you should give yourself plenty of time to shop around for gifts. This can allow you to find ways to make savings by comparing products at different online stores, plus you may also be able to capitalise on deals and promotions by looking at different websites.
Socialise At Home
Costs can quickly add up when you are meeting people for drinks and going out for dinner/lunch. This is why one of the best ways to save is simply to socialise at people’s homes, which could make a big difference to your finances over the holidays while also being able to spend quality time with loved ones.
Christmas is now approaching and this means that now is the time to start planning. This can be an incredibly expensive period and difficult to manage, but when you start planning in advance it will give you the chance to make big savings while still being able to enjoy a special festive period.