Christmas is the same time every year, so it shouldn’t be a financial shock to our bank balance. Planning ahead and creating a budget throughout the year, are your secret weapons to a financially stress free Christmas. Sticking to a budget will help you keep track of your spending. By putting a little something away each week, you can enjoy a financially stress-free Christmas. While savvy shopping, out of season, can snag you some bargains that you can put away for next year.
Without a budget, it’s easy to lose track of spending. An innocent daily coffee from Costa and a new book in Waterstones, can soon add up during the month. These small expenses stealthily chip away at your bank balance. Do you buy a skinny latte at the station, each morning on the way to work? By swapping your daily Costa for a home brew you could save a staggering £1087.90, over the course of a year. Opting for the library, in lieu of grabbing the latest Richard Osman in Tesco, will increase your savings pot. You can then assign these savings towards Christmas or other financial goals. “Every Little Helps…“
For many people, a budget is a great tool for keeping spending under control. It is easier to create a budget than you think. Start by making a list that shows how much money you earn in a month. Then, create a running total of your expenses including short and long term savings goals. The remaining balance will tell you how much you can spend.
Sticking to a budget can help you reach your financial goals and brings with it a sense of achievement. Whether it be enjoying a financially stress-free Christmas, or finally being able to afford that new sofa you have had your eye on.
By planning and preparing early, you can ease financial stress and avoid relying on credit during the Christmas season. So remember:
• Snag non-perishable Christmas items and gifts during January sales.
• Launch a Christmas savings fund this January.
• Set aside a little each month or buy gifts throughout the year to help spread the costs.
Top Tip: Debt Free Charts have a variety of free printable Christmas savings charts. They are a great way to track your savings and motivate you throughout the year.
We hope our debt free Christmas blog series has inspired you to be mindful of your spending this Christmas season.
From our family to yours, we wish you a Merry Christmas and a Debt Free New Year.
Debt Centre Greenwich 