Fixing your Finances for the Festive Season
While the Brexit deadline continues to draw closer, Brits are not prepared to let this ruin their festive fun.
With Christmas now less than 100 days away, a recent survey suggests that British customers will increase their festive spend to a hefty £821.25 on average. This represents a rise of 1.3% on last year, while this total is also 54% higher than the European average of £532.
However, it’s important to ensure that you spend responsibly at Christmas and manage your finances effectively. Here are some steps that will help you to achieve this:
Seek out Pre-emptive Savings
The good thing about Christmas is that everyone knows that it’s coming, removing the element of surprise associated with unexpected costs.
This creates an opportunity for you to achieve pre-emptive savings, as you look to limit any unnecessary expenditure in the build-up to Christmas and reduce the cost of groceries and your utilities where possible.
In the spirit of being financially prepared, it’s also important that you continue to repay your recurring debts and bills in the run-up to Christmas. This is not only sound financial practice, but it also prevents you from being hit with a number of hefty bills in the New Year.
2. Plan Ahead
If you haven’t already begun to purchase presents, it’s important that you start this process as soon as possible.
Make no mistake; planning ahead will help you to spread the cost of Christmas over three months, easing the burden placed on your monthly disposable income in the process.
The key here is time management, as you must identify small windows of time in which to select your gifts and shop for these.
It’s also interesting to note that UK shoppers boast higher levels of online activity than any other European nation, and this is an excellent way to find gift products quickly and purchase them at competitive prices.
3. Adopt a Thrifty Approach Where Possible
If you’re serious about making the most of your finances this Christmas, it’s also worth being as thrifty as you possibly can.
This does not necessarily mean skimping on low quality presents, but it does require you to think creatively and re-use unwanted gift items when appropriate.
Remember, one man’s trash is another man’s treasure, and there’s nothing wrong with recycling gifts so long as the recipient will appreciate the gesture and get value from it.
If you’re creative, you could also use Christmas as an opportunity to make some gifts from scratch, as you look to craft heartfelt and personalised presents that do not require you to break the bank.