Avoid the financial naughty list this Christmas
With Christmas less than a week away Father Christmas has written his list and is checking it twice to find out who’s been naughty or nice ahead of the big day.
And just as it’s important for kids to make the nice list this festive season, the grown-ups need to be careful too.
Last week we revealed that people are expected to spend an average of £1,108 per person this Christmas – a £200 increase on 2020 spending.
So as Brits prepare to spend more than ever before, it’s time to review your spending not only to avoid the naughty list but a festive financial hangover too.
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Avoid last-minute shopping
This tip might be too late for some but certainly one worth remembering for next Christmas. Don’t leave all of your shopping to the last minute!
Panic shopping in the last few days before Christmas can force you to spend more than you typically would in fear that you won’t have time to find an alternative gift.
We’ve all been there, standing in the queue justifying the cost of a last-minute purchase to ourselves, but it doesn’t need to be that way.
Planning your shopping list in advance will allow you to shop around to make the most of deals and spread the cost over more than one wage.
Don’t overspend on gifts
Repeat after us, a gift doesn’t need to be expensive to be appreciated. We’ve all heard the age-old saying, it’s the thought that counts and that’s particularly true this year.
As we look forward to spending another Christmas with the threat of social restrictions not too far away, there may be a desire to overcompensate with presents.
In fact, a third of people say they’ll probably spend more than they should. Don’t. Small and sentimental gifts often mean the most.
Ditch the plastic
Let’s be honest, December is the most expensive month of the year. From parties to presents, the season to be jolly also happens to be the season to be skint for many.
Understandably there can be a temptation to put Christmas on a credit card and deal with the expense at a later date. It’s best to avoid this if possible.
While there is no problem using a credit card to cover the cost of a gift or two but if you find yourself reaching for the plastic to fund the entire festive season you could be in trouble.
As 15% of Brits plan to pay for Christmas 2021 using their credit card, try to avoid it whenever possible to avoid a festive financial hangover in January.
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Plan to get on the nice list
Getting on the nice list this Christmas is easier than you may think. All it takes is a little planning and you’re set to have a festive season to remember for all the right reasons come January.
Setting a budget and sticking to it is one of the first things you should do. No none wants to miss out on the festivities but it’s important to be realistic about how much you can actually afford.
We’ve all been guilty at one point or another in December of saying ‘who cares, it’s Christmas’ when it comes to indulging in a little extra fun or a more extravagant gift. When planning your budget make sure you’ve got a little extra room for nights out, gifts as well as an emergency stash in case things don’t go to plan.
Of course, a budget is important all year round, not just at Christmas. If you’re in need of a little extra support when it comes to planning your budget, check out our free budget tool.
Shift your spending from naughty to nice
Shifting your spending from naughty to nice is also made simple by saving as much as possible ahead of the big day.
Putting a little money away as often as possible can make a big difference. In fact, putting away as little as £2 every day starting on Boxing Day, or £14 per week, will leave you with £728 by Christmas according to influencer Gemma Bird, also known as @moneymumofficial.
However, the most important thing to remember this Christmas is that it’s not the gifts under the tree that count – it’s who is around it.
Creating cherished memories with your nearest and dearest doesn’t need to come with a price tag attached.
Remember, if you’re worried about debt Creditfix can help. Our experts are on hand to offer confidential support to help you find a solution tailored to your needs.