Naturally, we have been talking a lot these past few weeks on affording Christmas. As we reach the middle of November we wanted to focus further on Christmas spending and so sharing some great tips on how to avoid a Christmas spending hangover.
OK, so we realise that it may be a little late for that, but you can still set a budget with what you have now. You may have already started your Christmas shopping and if you have finished then please share your tips with us! If you still have much to do make a list – as Santa says, check it twice! Make a list of the gifts you still have to buy, food to get and any other Christmas expenses you know you will need to afford.
Once you have your list, put an amount next to each item. If you find that you have gone overboard don’t worry, we will get to that in a moment. Just be realistic and it is better to over budget than under.
Be Creative with Gifts
Even if you budgeted to spend £10 on each person, but had 20 people to buy for, that still amounts to £200 and if you have children, your budget will be much higher! When it comes to giving gifts, be creative. Making jams, mince pies, truffles, cakes and festive food can be a great way of giving a gift to someone without a massive expense.
Share the Entertaining
If you have people coming over, talk to them about sharing the cost of entertaining. If you have several people over you could split the food up; one person brings starters, one dessert, another drinks and so on. You’d be surprised at how much money you can save if you aren’t having to pay for everything. Don’t forget, keep leftovers for the next day. It will always get eaten and what could be better than having cold turkey sandwiches or turkey stew!
We are talking about money here. Although we all want to spoil our loved ones for Christmas, it is all too easy to get pulled in to buying every gadget going and spending far more than we intended. Rather than buying so many gifts, think about each person individually and what they would really like. Making the gifts more meaningful means you are less likely to buy several of them and spending this way also keeps the overall costs down.
Finally, if you do find that you do not have enough for what you have budgeted to spend avoid turning to high cost lenders, like payday loans for example. Although these are attractive in promising to give you the money on the same day and low repayment amounts, they can come with unreasonably high interest rates. You don’t often realise until it is too late and your new year is bogged down with debt and mounting interest. Nottingham Credit Union offer lower interest loans, quick decisions and flexible repayment options – apply online and see how we compare.