Budget
- Write down your budget and make sure you meet all your usual financial obligations like your bond and car repayments, rates, and debit orders.
- Use only what is left for gifts and entertainment.
- Start buying your gifts and decorations now so that you can spread the cost over two months.
Pace yourself
Most of us get paid early in December and there is always the temptation to spend your January money during the festive season. But this will mean that you can’t pay your bills and guarantees a bad start to the New Year.
Put away the money you will need for your January expenses, or pay your January bills early.
Stick to cash
- Work out how much you can afford to spend on gifts and stick to it.
- Put the money you plan on spending into an envelope and make sure this is all you have on you to spend. This will help you avoid the temptation of using your credit card once you’re in the shops.
- Do your shopping early so you are not rushed and pressurized into spending more than you initially budgeted for.
Be innovative
When it comes to gifts, think about small luxuries that people have stopped buying for themselves during these tough times, like a bunch of flowers or bath salts.
If your family is going to get together for a celebratory meal, let each family member contribute to the meal as their gift.
Be generous
The economy is struggling to recover so even if you are feeling the pinch there are others who are struggling to put a meal on the table. Give donations like food, clothing and toys to those in need so they can also feel the spirit of giving.