Christmas is finally here!
We have put together some tips to help you save money this Christmas;
1- Set a budget
This encourages you at the outset to keep your spending to within what you can afford.
Failing to set a budget can increase the risk of you spending more than you expect, potentially on credit, which could see you starting the new year in debt.
Set a budget early and don’t feel pressured to spend more than you can afford.
2- Secret Santa
We are all familiar with Secret Santa – everyone pulls a name out of a hat and gets a gift for one person within a certain spending limit.
This approach to gift giving does not need to be limited to work or school settings (especially if you have a large group of friends!). It means that everyone gets a present at Christmas without each person needing to spend money on several gifts for several people.
This is a great hack for large families or groups of friends.
3- Use the sales!
Keep an eye out for sales- there is always a sale on somewhere. Also search for Vouchers and discount codes when shopping online- you will usually find some with a quick google search.
Black Friday and Cyber Monday can help you get your Christmas shopping done early.
Similarly, Boxing Day and January sales can help you get in lower cost Christmas decorations and presents for the following year!
4- Bank accounts
If you plan to use your savings for your Christmas spending, check that you are using money from an account with the lowest interest rate.
If you plan to use a Credit Card, try to use accounts that offer points or cashback and make sure that you are able to repay this in full the following month so that you are not charged interest on your spending.
If you’re on a 0% interest rate period, make sure you know which month this expires and have it fully repaid before interest is applied.
Credit Cards are an expensive way to borrow money and you do not want to spend the new year stressed about debt. As mentioned in tip 1, set a budget and don’t spend more than you can afford.
5- Get a financial plan together for the New Year
The New Year acts as a fresh start and putting together a financial plan will help you to get your finances in order and put you on track to meeting your financial objectives- be it to buy a house, build a retirement fund or protect you and your family.
Meeting with a financial adviser can help you to identify the different financial areas you should address or enhance in order to make the most of your money and achieve your financial goals.
We look forward to working with our clients, old and new, in the New Year and wish everyone a very merry Christmas!