We’re 3 months away from Christmas – how does that make you feel? For many, Christmas can be a time where there are all the extras and so without a plan we can end up overspending. As a certified financial coach I love helping people feeling clear about their finances and this often includes some planning and thinking ahead.
Here are 5 tips to get yourself on track ahead of Christmas so that you can start January in control rather than wondering where your money went.
- Calculate and Save Accordingly:
- Begin by estimating your total Christmas expenses: gifts, decorations, travel, and festive meals included.
- Divide your total estimated cost by three (for the 3 months we have left), setting a clear monthly savings target.
- Use a Dedicated Savings Account:
- Consider opening a separate savings account or using a budgeting app feature dedicated to your Christmas fund. This separate pot of money will prevent accidental or impulse spending from your main account.
- Plan and Shop Early, Stay Alert for Bargains:
- Start your gift shopping now, making the most of sales, discounts, or even exploring quality second-hand options.
- Keep an eye out for special shopping events like Black Friday and Cyber Monday for potentially significant savings.
- Re-evaluate Subscriptions & Memberships:
- Take a moment to review all your recurring expenses. Are there magazines, online platforms, or gym memberships you’re not making the most of?
- For the ones you wish to keep, always check for promotional deals or even consider negotiating for a better rate.
- Mindful Shopping & Gift Budgeting:
- Sketch out a gift list early on and decide on a budget for each individual.
- Use any available sales, promo codes, or cashback offers to your advantage. Remember, buying over time can ease the financial load compared to last-minute shopping.
By following these tips, you can hopefully go into Christmas without the stress of unexpected financial strain and start January with a smile.
For those of you wanting to tune in with your spending, my journal to improve financial well-being will be a good companion over the next 3 months.
I help high-achieving women get financial clarity, so they can live well today while building wealth sustainably for the future. For ways to work with me click here.