How To Be More Financially Disciplined Around The Holidays?
With Christmas and New Year’s Eve just around the corner, it’s hard not to overspend. With Christmas parties, work dos and gift shopping taking up most of your time, it’s easy to find yourself overspending. In fact, the average person in the UK is planning on spending £768 this year on all things festive, including decorations, food, gifts and entertainment.
But is it possible to enjoy the holiday season without breaking the bank? Of course, it is. With the right financial discipline, you can survive the Christmas spending period and save enough money to help boost your credit score.
Make A Shopping List and Budget
Most of us are tempted to overdo it when it comes to holiday shopping, because who doesn’t want to give their loved ones everything they want on Christmas Day? But our budgets can’t always handle that.
The best strategy for keeping your finances under control this Christmas season is to make a budget and adjust your shopping list to fit it accordingly. Be sure to factor in the cost of present wrapping essentials, travel expenses and baking supplies into your budget since these can add up before you know it.
Unfortunately, spending money is inevitable when it comes to the holiday season, but you can make the most of the money you’re spending by reducing your waste. Purchasing excessive amounts of food and drink that never gets eaten or decorations that never get put up are just costs that could have been better used elsewhere or saved.
You should favour quality over quantity when it comes to any purchases but plan ahead so you only buy exactly what you need. If you do end up overspending, think about how you can use them after the special occasion is over.
Enlist the Help of Friends and Family
You’re probably not the only ones who are trying to save money over the festive period so why not recruit your family and friends into your plans? You can keep costs down by opting for family Secret Santa instead. The children can still receive presents from everyone, but adults get gifts from one specific person.
You split costs in other areas, too. If someone else is hosting Christmas dinner, split the total price with them or contribute something to the meal yourself.
Make Memories Instead Of Purchases
Many of us value experiences and memories over possessions and this principle can be extended to your Christmas shopping. This is a great way to save money while creating magical moments that you’ll remember for a lifetime.
Whether you exchange individual gifts for a family experience or make your favourite meal together, you can start a festive tradition that you revisit year after year.