WITH Christmas just two weeks away, here are some Christmas budgeting tips to avoid the financial ‘hangover’ from the festive season.
With the high cost of living and higher interest rates, money is tight this year, but that doesn’t mean you have to miss out on festivities.
Follow these handy tips:
- Start making lists of what supplies you’ll need, including meal planning, gifts, decorations and events. Set a budget for these expenses, so you can make sure it is affordable – use an excel spreadsheet or ask about our free budget planner.
- Be realistic about your cashflow – are you taking unpaid time off work? Will there be additional costs such as childcare or travel? Make sure you account for regular household bills that will be due and ensure these are paid as priority over gifts.
- Consider homemade gifts this year instead of buying them. You can make personal and unique gifts such as potted plants, candles, jars of treats, gift baskets, jams, sauces, and countless craft options. You can even DIY decorations, cards and wrapping paper if you have time.
- Do a stocktake of decorations, gift wrap, cards etc that you have in storage before buying new ones. When it comes to wrapping paper, make sure it is recyclable or, better still, get creative and use re-usable items to wrap gifts in eg. tea towels or even old magazines or paper shopping bags.
Let’s face it, food is a huge part of Christmas and we all overeat and drink, but it does add up, so here are some ideas to keep the food costs down:
- Share the load – ask guests to ‘bring a plate’ rather than preparing and paying for everything yourself
- Bulk up on salads and sides to keep costs down when feeding a crowd
- Switch to cheaper brands for pantry staples
- Don’t overbuy – this results in wastage of food and money. Know how many you are catering for and buy only what you need
- Make the most of leftovers – store them correctly and plan how they can be used in the days following.
Doing the rounds
The number of parties can be exhausting, so think about which events are most important to you and which you are happy to skip.
You might consider which events you will attend and not drink, to save money on alcohol and transport.
If you have an occasion to go to such as a Christmas or New Year’s party, pause before buying a new outfit. Ask your friends if they have a dress or outfit you can borrow or swap clothes with them.
Our final budget tip:
Don’t go overboard at the Boxing Day sales.
Chances are, if you haven’t already purchased it by now, you don’t need it!
Yes, it’s a great opportunity to replenish your supplies or Christmas decorations and wrapping paper but take stock of what you already have first.
Remember to ENJOY the day.
Spend it with your loved ones and make some fun memories….and leave the washing up for later!
