If you’re juggling debt as we approach the festive season, our quick guide to making the most of Christmas without breaking the bank is here to help.
Make a budget
It’s all too easy to overspend in the festive season. All you need to do is utter the phrase “It’s Christmas” and you have a ready-made excuse for throwing the budget out the window! The answer? Organisation. Ahead of December, make a Christmas budget and stick to it. You should always prioritise your essential costs then, based on the disposable income you have available, set a spending limit to cover all things festive.
You may find it helpful to split your seasonal expenses into categories, determining a set amount you can spend on gifts, food, decorations, and socialising. Once you have a budget in place, make a list of everything you need to buy with that money. This can be a good way to avoid impulse shopping without feeling like you’re missing out on making the most of the holidays.
Start as early as possible
While it might feel like December comes around quicker each year, getting your plans and finances in order as early as possible can help you avoid falling into debt. If you have the money available, try saving a small amount each month as this can avoid the financial shock when the holidays arrive. Being prepared can also help you take advantage of the best prices for things like travel (if you need to go and visit family by plane or train), non-perishable food, and early bird tickets for special events.
Use discounts and deals
Savvy shopping can help you save at Christmas. Take advantage of any mid-season sales, special offers, and events like Black Friday and Cyber Monday to get a great deal on gifts, decorations, and more. You might also be able to get cashback when you spend on certain credit cards or being using websites like TopCashback and Quidco.
Get smart with gifting
It’s not always easy but being honest about your finances with your friends and family can help reset their expectations, especially when it comes to gifts. Depending on the number of people you need to buy for, you could save by introducing a Secret Santa or setting a price limit on the amount each person can spend. If you’re creative or have a crafting talent, you may even want to make DIY gifts, which can often feel even more special. Keep the receipts for everything you do buy just in case you need to return it for any reason.
Shop around
You could bag a bargain by shopping around, especially when it comes to food and drink. Look out for special offers from supermarkets and consider swapping out branded favourites for own brands (they’re often just as good!) You may also want to switch the most expensive festive food and drinks with cheaper options: think choosing Cava over Champagne, chicken instead of turkey, and homemade desserts over costly ready-made options.
Start a side hustle
Having a little extra income available in the run up to Christmas can always be helpful. Depending on your situation, you might be able to take on overtime or even fit a second seasonal job into your schedule. If you can’t increase the hours you work, carry out an audit of all the clothes and non-essentials items you have at home. Anything that you haven’t used or worn since last Christmas could be put up for sale on eBay or Vinted to help you earn some extra cash.
Tackle your debt
If you’re struggling with your debt, it can be tempting to ignore it until after Christmas and start fresh in January. Our top tip? Don’t wait! January is peak time as many people start the New Year resolving to take care of their finances. Reach out to a professional debt advisor for help before or even during the Christmas period and you can get ahead of the crowd. Our friendly team can talk through the options available and help you find the right debt management solution for you so you can enjoy the celebrations knowing that you’re already taking steps to tackle your debt.
Ready to tackle your debt this Christmas? Our team of experts is here to help. Give us a call on 0161 660 0411 or send a message here
