How to not blow your budget on Christmas
Christmas is a time that people cut loose! But it sometimes means blowing your budget, maxing out credit cards and throwing off your start to the new year.
This article will outline tips on how to avoid that Christmas financial hangover. Things to include;
Make a budget
It's easy to overspend when it comes to Christmas. Make sure you work out your finances and decide what you can afford. You should be using a monthly budget to monitor your spending. However, the expenditure of the holiday period can throw out your budget for the next few months.
You can use our budgeting tool to make sure you are on track for a fun, yet financially responsible holiday. Check out the budgeting tool here.
Get in early
Start your shopping and preparations early. Last-minute surprises can lead to unexpected expenses. With December being the busiest retail period in Australia, it’s important to plan things out and then get your shopping done early! This can doesn’t just mean gifts. Buy your lunch/dinner supplies early. Food prices, especially for ham and turkey can fluctuate, especially the closer you get to the big day.
Keep your eyes out for sales in the 6 weeks leading up to Christmas day. Pre Purchase snacks, drinks and alcohol and skip the rush a few days out.
Use cash when shopping
Credit and debit cards are fantastic and incredibly convenient. However, it becomes very easy to lose track of how much you are spending. By planning how much you are planning to spend and taking cash instead of cards, you can limit your spending. Also, a pocket full of cash is far more tangible than swiping or tapping your card.
Create a list and check it twice
Just like Santa, you need to make a list of everyone you want to buy a gift for. Then stick to it. Christmas is a great time to show those close to you that you care with a gift. But it is incredibly easy to fall into the trap of buying for everyone. The key to this is to make a list a month out from Christmas and stick with it.
Track your spending
So you have your budget and your list. Now you need to make sure you stick with it. There are plenty of apps that allow you to track your spending, or create a spreadsheet with every purchase and your budget, to make sure you stay on track. If you aren’t very tech-savvy you can write down everything that you are spending.
That's it!
If you can follow those steps, you should be able to stay on track.
The ZENRG Finance team wishes you a Merry Christmas and Happy New Year. Stay safe and enjoy the holidays!
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Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.