Christmas may seem a way off but I know that my diary is already filling up with days out and invitations to Christmas events and it’s so easy to say yes to everything. I thought I’d share 3 tips to take charge of Christmas spending so you start the new year in the financial position you want to be in.

  1. Write a list of everyone you need to buy a present for and a rough estimate of how much you want to spend on each person. It’s so easy for it to all add up, including activities, so taking a step back and thinking of your overall spending first will help keep the costs within your control.
  2. We’ve just had payday so set aside enough money from October’s pay and do the same when you get November’s pay. I use Starling bank and they have ‘spaces’ where you can put money aside for certain uses eg Christmas.
  3. Start shopping now so it’s not last minute and then you end up overspending due to convenience. There will be deals on Black Friday and Cyber Monday or see if anything can be bought second hand. I like The Octopus Club for preloved children’s clothes.

This could be a good time to also think about what you value and whether you need to give to as many people this year – people tend to remember how you make them feel over the present you give so if the difference is starting the new year having borrowed to give then perhaps say ‘no presents this year, let’s spend time together instead’.

A spending plan for Christmas is telling your money where to go, not getting to January and wondering where it went. You have the power to take charge of your money!

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