Friday, October 18, 2019

Budgeting For Christmas - Start Now!

There are just over two months left until Christmas. While that might seem like a long way away, that usually means there are just two paydays left. Many people leave thinking about their Christmas budget until the last minute, but consider this your warning to get your finances into shape. 

Want to get ahead of Christmas this year? Here’s how you can start budgeting for Christmas and save some extra money too!

Image Credit: Unsplash under Creative Commons

Work out what you need

It’s easy to go crazy over the holidays, losing track of what you’ve bought and how much you’ve spent. But if you’ve got a plan in place, you should be able to stick to it. Think of all the things you need for Christmas, from gifts and decorations to food and drink. Once you’ve got it all written out in front of you, you can see how much money you need to save and maybe make some tough decisions about your priorities.

This is also a good time to work out if you’re going to need some help in the lead up to Christmas. A loan found via HittaSMSLan could help tide you offer if finances have been tight. You could also look at a second job or a side hustle to help you get what you need.

Make some immediate cuts to your budget

So what’s the next step towards saving for Christmas? Starting a budget! A budget can help you account for every penny, making sure that all of your bills are covered, while also allowing you to set aside money for savings. There are some fantastic tools available to help you create a successful budget that you can stick to.

With all of your outgoings in front of you, it’s easier to identify where you can make some cuts. Try switching providers for your utilities or phone provider, and stop paying anything you don’t need over the next couple of months. Freezing Netflix or your gym membership until the New Year could be an excellent way to free up some money. If you manage to make a success of it over the next couple of months, you could make it a New Year’s resolution to get even more out of your household budget

Cut down on your weekly spending

Next up, it’s time to cut down on your weekly spending. If you could save $10 on your grocery spend each week, that will add up to almost $100 by Christmas. Those little savings, like stopping takeout coffees and walking more could all make a difference.

Now is also the time to save on any other regular spending you might make. Swap your nights out for cozy nights in, and cut down on eating out. Put everything you’re saving into a separate pot to help you boost your savings even more.

Take advantage of discount codes

With your shopping list to hand, you can set about looking at ways to save money. Finding discount codes can be a very easy way to save money on items like clothing, toys and other gifts. Sign up to newsletters and keep an eye out for key dates for deals like Cyber Monday and Black Friday.

Being able to save money on your list will make it easier for you to cover items which have turned out to be more expensive. If you have money left over, you could even use it to put money into your savings, or to pay off some debts. 

Propose a more affordable Christmas

If Christmas is proving expensive, then why not propose a cheaper Christmas this year? From setting limits on individual gifts to a secret Santa where everyone only buys one gift, there are some excellent ways you can save money on Christmas. Most people enjoy saving money, so you never know who else might be up for this! You could also save money by splitting the food between the family, so that everyone is responsible for a dish on the day.

The most important part of the holidays is spending time with the ones you love, so if you can focus more on the time spent with loved ones over how much money you spend, you’ll enjoy the festivities much more.

Budgeting for Christmas can be difficult for everyone, but it doesn’t have to be if you start planning now. From planning a budget for your savings to cutting back on how much you plan to spend, there are ways you can make this Christmas easier to manage. Get your finances in order and put a plan in place to make this one of your best, most stress-free Christmases yet!

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