Managing your budget at Christmas time

Christmas is the time of year for giving, and it also comes in the middle of the summer holidays when kids are out of school and families often take trips together. All of this can put a major strain on your wallet if you are not careful. Read on for our tips to help you survive the festive month without burning a hole in your pocket and completely destroying your budget.

Start Out with a Plan

The best way to ensure that you stick to a Christmas budget is to have one in the first place. Start by listing all of the people you need to buy gifts for, along with how much you can afford to spend in total. Once you have established the total amount, you can start allocating your total funds to each person on your list. This way, you’ll have a guideline to follow when you begin your shopping, which can help to keep you from going overboard.

Shop Smart

Even if you don’t have a budget in place, you can still save a bit of coin this holiday season. Instead of shopping at the priciest shops, look for some unique boutiques in your area that may have unusual items that you wouldn’t find anywhere else. Be sure to always check the sale racks as well; you never know what hidden gems you might find!

Take Your Time

Don’t force yourself to try to get all of your Christmas shopping done in one day. This can often lead to purchasing items that are more expensive than necessary, simply to get the job done. Give yourself plenty of time to shop around for great deals and to find the perfect gifts for each person on your list.

Get Ahead for Next Year

Although it may make your head spin to start thinking about next Christmas already, now is the perfect time to start planning for next year. Add up the total amount of money you spent on gifts this year, and divide that number by 11 (the number of months remaining until it’s time to start next year’s shopping). This will give you the amount that you should set aside each month so that you’ll have all the money you need by the time next Christmas rolls around.

Don’t let your Christmas shopping dig you into a massive financial hole. Follow the tips outlined here to help you stay on track and keep your spending in check, this year and in the Christmas seasons to come!