Many of us are great at Christmas budgets. We go into November with careful plans outlining how much we’re going to spend on each recipient, sure that we won’t overspend on food and drink, and absolutely certain that we know what we need. But, few of us are good at sticking to these budgets. Things start well, but, in all of the holiday excitement, it’s so easy to get carried away. It’s just as easy to look at what other people are buying, and photos of giant shopping hauls on social media and worry that you haven’t bought your own loved ones enough. We frequently go into January in debt not because we didn’t make a plan, but because we couldn’t stick to it.
Sticking to your festive budget means that you start the new year on the right foot, without worrying about paying things off. It can also reduce festive stress, and make everyone more grateful for what they have got. So, here’s a look at some tips to help you to manage it.
Ok, so sticking to your budget isn’t always possible. So, give yourself a little leeway by finding ways to earn some extra cash. Get extra work as a freelancer, take online surveys or make money with Forex Trading and only allow yourself to spend outside of your budget if you’ve earned extra, avoiding touching your ordinary income.
Many brands already have sales on, but there are still plenty to come. Spend time writing lists of what you need to buy, and instead of scrolling through sales aimlessly, buying anything that catches your eye, because it’s cheaper than usual, search the sales for the things that you need and spend time comparing costs before making any purchases. Remember, even at 50% off, something is still more expensive than it needs to be if you weren’t planning on buying it at all.
Set Yourself Time Limits
A common problem is fear that we haven’t bought enough propelling us to buy more when we probably had plenty in the first place.
Avoid this by giving yourself a cut off time for gifts. If you haven’t bought something by that date, you can’t buy it after. That’s the date that shopping stops, from then on you are simply free to enjoy the season.
Make Agreements with Family and Friends
So many of us buy presents for people because we think we should, or, in case they buy us one. There’s a pressure to gift shopping which can be unbearable. Instead of buying for everyone, make your budget easier to manage by having some honest conversations. Arrange to only buy presents for children in the family, or to only spend small amounts on a fixed budget. You could even arrange a family secret Santa to reduce the pressure on everyone. Chances are, many other members of your family or friendship circle will be relieved to make these arrangements, especially this year when so many more people are worried about money and keen to make savings.