Try our seven top tips so you don’t overspend and still have a sparkling Christmas — plus find out how to win £5,000 with Sun Savers
WITH most of us just one payday away from Christmas, there is still time to get festive finances under control.
Studies show we each spend £54,000 on average on Christmas over the course of our lives.
But with careful planning, you can rein that cost in but still have plenty of pressies and good cheer.
Anthony Morrow, of personal finance site evestor.co.uk, says: “With so much to pay for, it can be difficult to cover the cost of everything.
“That’s why, in the lead up to Christmas, it’s important to keep track of your money.
“Failing to do so could lead to overspending, leaving you with a financial hangover well into 2018.”
Here are Anthony’s seven tips to avoid overspending this Christmas.
- Set your budget: Work out exactly how much extra cash you’ll need over the festive period.Split it into key areas like presents, postage for cards and gifts, food and drink, parties and anything else.Then work out if there are ways to claw back cash from your current outgoings.Can you make a packed lunch instead of buying lunch at work for a few weeks? Or ditch a night out once a week?
- Get into good habits: With seven weeks to go, you can still save a decent amount and stop you turning to credit cards or loans.Budget how much you can afford to spend in the run-up to Christmas, keep a copy of your limits on your phone and stick to it.
- Track your spending: We tend to focus on the big purchases at Christmas, so is easy to forget little things that eat into our budgets.Add any additional small spends such as wrapping paper and sticky tape to your main budget so you are not caught out.If you have a smartphone, use a free money tracking app to help.
- Make a plan: Heading to the shops for festive inspiration may seem a good idea but can lead to impulse buying and overspending.Compare prices online and ensure you only buy genuine good deals.Where possible, use cash as this makes you more aware of what you are spending and saves on credit card fees.
- Think about transport: If you know you have to travel over Christmas, buy your tickets early to get the best price.And don’t forget to add petrol costs and travel fares to your overall budget.
- Don’t get swept up in the festive spirit: Christmas is a time for friends and family, not a competition on how much you spend.Retailers tempt you with enticing ads and what looks like amazing Black Friday and Cyber Monday deals but you can end up spending far more than you planned on things you don’t really need.
- Avoid excuses: Whether it is eating an extra mince pie or buying a new outfit, we’ve all been guilty of using Christmas as an excuse to overindulge.But think about long-term goals and what you have planned for 2018. By considering these, you can weigh up how much you are willing to sacrifice to cover the costs of Christmas.
Free budgeting apps
HERE are some free budgeting apps that can help you control your finances.
- Money Dashboard – keeps track of all your accounts in one place and breaks down your spending.
- Chip – the Chip app uses your spending habits to work out what you can afford to save without affecting your normal lifestyle, siphoning off the money to a separate Chip account.
- OnTrees – a budgeting app from MoneySuperMarket which lets you track income, outgoings, current account, savings account and credit cards all in once place.
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Santa's little cash helper
RICHARD EMERSON from Grimsby, Lincs says: “Save money at Christmas by buying normal gifts for the kids but doing a Secret Santa round between the adults in your family. It’s fun and much cheaper than gifts all round.”
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