Effective Ways to Manage Your Christmas Spending — AD

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The festive period can put a lot of strain on our wallets, having to splash out on presents, Christmas parties, travelling to visit friends and family and so much more. For people with a history of poor financial management, it can be an even more strenuous time and the potential to fall back into bad habits might be too much. Avoid this happening by focusing on the following points to keep your Christmas spending under wraps.   

Set Yourself a Limit

Draw up a list of all your expected expenses over the festive period, including buying presents, food and drink, decorations, travel, Christmas parties and anything else. Add this on top of your regular monthly outcomes and compare with your income for the month or period. This should make it easier to set a limit to your spending, ensuring that you don’t go over budget and end up in financial difficulty once Christmas is over. You may need to dip into your savings but again, set a limit of how much you should take out.  

Search for Deals

A great way to save money and keep your costs down is to look out for deals before, after and during the festive period. This can help manage the amount you spend on presents, enabling you to get more for your money. It’s not just gift deals though, according to research 22% of British consumers are borrowing money to spend on Christmas food, so searching for deals here can reduce the amount borrowed.

Cash In Loyalty Accounts

If you’ve been using a loyalty card at your favourite supermarket or department store, saving up points for a year or so, then Christmas is a good time to cash them in. This can provide a little bonus and help spread out the burden of festive spending. 

Remember Your Commitments

It’s important that you don’t forget about all your regular bills and financial commitments over the festive months. Otherwise you could end up starting the New Year in a poor financial situation. Whether you’ve got debt repayments to make or simply need to pay your energy bills (which will likely be more in winter), factor these into your Christmas budget.  

Sometimes Say No

Throughout the Christmas period there are lots of opportunities to go out, whether it’s being invited to work parties, drinks with friends, family meals and more. Sometimes you need to think about your bank account as well as your social life though and need to say no to the odd event. It may seem hard at the time, but your bank account will thank you for it later. 

Stay on top of your finances this Christmas with these effective tips so you can start the New Year worry free. 

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