Do you ever overspend at Christmas?

We all love Christmas, the build-up, the presents, decorations, wrapping, drinking too much, spending time with family.

But we usually eat, drink, and spend far too much, and wonder how we will pay for it all. But have you ever wondered about getting prepared and budgeting for it?

Now, I don’t want anyone to get out of debt really over Christmas, so I have come up with my top 3 x tips to help you keep on track.

  1. Allow yourself a budget. Calculate how much you can afford from your savings, or income. Think of a figure that you think you might spend on Christmas and double it. That is probably a more accurate budget figure.
  • From the overall budget, decide how much you are going to spend on everyone. Allocate an amount to family, friends and even what you spend on your pets.
  • Buy yourself a notebook and start tracking your Christmas spending. Starting with your cards, wrapping materials, presents, stocking fillers, Christmas eve boxes, school presents, etc. Then track your food shopping, the Christmas dinner, all the other treats you get for Christmas, your drinks, and alcohol.

By tracking all your spending you will actually be amazed (and a little shocked) at how much you do spend on Christmas. But it will give you a more accurate idea of how much you need to save for or budget for next year.

Christmas should be about time spend with your family and friends, and not really about how much you get into debt over it.  When you realize how much you have spent in the past you might find other ways to save money or spend less.

I hope you found this helpful and if you want any other budgeting tips, feel free to get in touch.

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