To help you manage your money at Christmas budgeting is key, it can support you to reduce stress, ensure you have all the necessities covered and helps you avoid overspend.
Using one of these budgeting tools would be a great place to start:
https://www.hsbc.co.uk/financial-fitness/budget-planner
https://www.barclays.co.uk/loans/budget-planner
Budgeting tips:
- Review incomings vs outgoings including categorising outgoings into food, drink, travel, presents, decorations and entertainment.
- Assign a spending limit to each category including presents – you could even prioritise your outgoings list.
- A present pyramid can help you budget for presents, helping you to work out how much you’ve got to spend on each person. Those at the top of the pyramid will receive special presents while the lower value presents will be given to those towards the bottom of the pyramid.
Other tips to help you save money:
- Plan ahead to cut other Christmas costs and avoid price hikes. For example book train tickets early and stock up on food and drinks whilst they are still available at a competitive price.
- Look out for sales and offers around Christmas
- Plan for next year as early as it is for example save gift bags and wrapping paper.
