Budgeting tips for Christmas

If you can barely afford a tin of beans after all of your monthly outgoings and the only way your going to afford to buy Christmas presents is if you grow a money tree or put them on the credit card then create some rules for yourself which mean you’ll have a debt free, worry free and enjoyable festive season.

Below are a few tips which will help you to not spend what you don’t have:

1. Decide on your total budget and then make a list of people you need to buy gifts for writing a specific amount for each name.

2. Get crafty and try making a few of your own handmade gifts. Photo albums, scrap books, homemade pickles, biscuits and treats all make for lovely personal gifts and they don’t cost the earth. Look through magazines and on the internet to find inspiration.

3. Before you start your Christmas shopping it is a good idea to lock your credit card away or give it to your parents/partner for safe keeping over the festive season. This way if you find yourself thinking it would be easier to pop a few gifts on the credit card you won’t have the option. Try getting out what you have budgeted for gifts in cash and leave the debit card at home so your not tempted to over spend.

4. Browse the internet for presents, gift ideas and money off vouchers. There are tonnes of gift websites offering fantastic competitive rates, just make sure you leave enough time for delivery.

5. It is likely that others from your close circle of family and friends will also be feeling anxious about expenditure on Christmas presents so get together and decide on a maximum amount for gifts or you could all make a small donation to your favourite charity instead.

6. Though it is nice to go out and buy nice food or meet up for lunch with friends whilst Christmas shopping etc it is just as nice to make decorations at home and to invite the family round for a big home cooked meal. Things like big winter stews and bread and butter puddings are easy to prepare and won’t set you back as much as going out for a meal.

7. If you wanted to be ultra prepared you could start saving a little money each week or month in a special Christmas saving account. Alternatively you could participate in a shop savings scheme. Tesco’s for example offers savings stamps which you can collect on a weekly basis and save up for Christmas. You won’t miss £2 a week but you’ll really appreciate £104 when you go to buy all the food and drink for your Christmas dinner!

For the original article and full list of tips please click here.