Christmas is my favourite time of year, which is why I like to go over-the-top and make it as extreme and lavish as I can. With a lavish Christmas, though, comes much higher spending than I do throughout the rest of the year, so I have to make sure that I work hard all year to lessen the impact of my Christmas spending. Here are five ways to make sure you have the money for Christmas.
Set money aside now
If you are somebody who likes to go out and get all of their Christmas shopping done in one day, then you know that the costs of that day can be incredibly overwhelming. To lighten the load on yourself and make that day more manageable, try setting aside a small portion of the money every month. You are much less likely to notice £50 coming out of your account every month for 10 months, than you are to notice £500 in one day!
Look into borrowing options
While nobody should get themselves into debt for Christmas, sometimes expenses come up that can’t be predicted, so you may need to borrow a bit of money to help pad the impact of Christmas. This doesn’t mean that you need to take out a fast loan with a high interest rate, though – I like to use Polar Credit when I borrow money, because I am more in control of how much I am borrowing and, more importantly, how much I am paying back. Polar Credit works almost like a virtual credit card, providing you with a balance and giving you the choice of how much of it you want to use. This can be crucial when it comes to festive spending, especially if the Winter brings other unexpected expenses.
Buy presents through the year
Rather than having one month of incredibly high spending, I like to split the costs throughout the year so that it becomes much more manageable. This means that if i am shopping at any time through the year and I see something that I think a loved one would like to open on Christmas day, I am more likely to buy it there and then, and then hide it away. My top tip if you are doing this, is to keep a list of what you have already bought and where you have hidden the presents, as this eliminates duplicate purchases and lost gifts.
Set a strict budget
Part of the reason that Christmas can cost so much, is that we aren’t strict with ourselves about how much we are spending – tis the season, after all! Christmas is all about extravagance, but you may need to make some lists before you let yourself loose to do your Christmas shopping, so that you can be sure that you stay on track and stick to your budget. If you need extra money, make sure you look into a payday loan alternative so that you don’t need to worry about the interest money cutting into your budget.
Start a new tradition
While it can be tempting to spend a fortune on spoiling all of your loved ones at Christmas, there’s nothing wrong with starting some new traditions that will help you cut back on costs. After all, everybody struggles with the cost of Christmas. One fun tradition you could start is a Secret Santa for your whole family, so everybody has only one present to buy rather than something for everybody. Another way to cut costs that many people choose to do, is to gift children “something you want, something you need, something to wear, something to read”. This cuts you down to only four presents to buy, which can help give you some structure while planning your festive holiday.
How do you keep the costs manageable for Christmas? Share your tips in the comments below.
The home of luxury gift guides!