At Christmas time, it’s easy to over-spend. There are so many items to buy, from presents and parties to food and drinks. But, if you spend too much during the silly season, you can find yourself in financial hot water come new year. To avoid the hassle without compromising on fun, here are our top five tips to making it through Christmas time with your wallet intact.
Budget In Advance
Before Christmas shopping, try to set a budget for food, people, decorations etc. By doing this you are far less likely to overspend and make impulse buys that add up. Planning ahead what you will buy and where will also really help you go in with a strong budget to stick with.
Choose Your Payment Type
For some it’s hard to spend with cash. They can physically see their money going into someone else’s pockets and it physically hurts! For others credit cards are difficult to use. The potential of missing a repayment and going into debt with high interest rates keeps their spending in check. Whichever type of payment makes you realise the value of your cash, spend with that.
Buy In Bulk
Are you buying bottles of wine for 10 or 20 people? Rather than grabbing them from your local bottle shop the week before Christmas, when they’re at a premium, try to organise ahead of time. Search online for bulk deals. Many wine sellers offer specials in the lead-up to the festive season – check them out now!
Scour The Web For Vouchers & Coupons
Another great option in the digital age is to check voucher and coupon sites such as Groupon and RedBalloon. The Internet is packed with these sites, which can help you to score sizeable discounts, especially if you shop around.
Don’t Be Afraid To Spend Minimally
Many people feel pressured to give only the best champagne, the finest truffles and the latest fashions. However, being a retail snob will definitely hurt your budget and ultimately can cause stress and tension come Christmas. Instead, stick to gifts that you can afford and look forward to a happy Christmas day and a financially sustainable New Year.