Planning Financially For Christmas Time

As we enter into Q4, 2021, it’s important for everyone to remember that there are usually obligations around this time of year which can be expensive. Christmas time is one especially expensive holiday for most and budgeting for the Christmas holidays is a great way to build capital and kickstart the new year with some savings. 

Also, it’s worth remembering that, as most offices close for two weeks during the holiday period, excessive spending in this time can lead to financial deficit if not handled correctly. To help our readers manage their finance over Christmas time, we have prepared the following list of tips to help you budget during the Christmas holidays. 

Plan Your Shopping Well Before You Do It

When considering which Christmas presents to buy, planning ahead can be a great way to manage your wealth. Write shopping lists some time before December 25 comes around and, when possible, look for sales and discounts on items your family members might like as a present. The larger the cost of buying presents for your family has been historically, the sooner you should begin saving. Putting aside even a small amount each month will add up and make your holiday less stressful. 

Pay For Presents In Cash

You may be lured into buying presents with a credit card, however, it’s best to avoid this whenever possible to ensure you don’t have massive purchases to repay at the beginning of the new year. Try to use your debit or credit card when you can as you perform your Christmas shopping. 

Cut Out Unnecessary Expenses

If you find that money is more unavailable than you would like at Christmas time, perhaps think about cutting back on expenses like entertainment and recreational spending. If you can trim fat from the budget before the festive season, you will find it easier to make it through the New Year without breaking the bank.

Cook Rather Than Eat Take Out

It is surely tempting at the end of the year, when you take annual leave, to buy large portions of take-out food and luxury groceries. While this can be a wonderful way to finish the year, these relatively expensive items should be considered unnecessary purchases and avoided where possible. The cost of buying takeout can be as much as eight times more expensive than cooking with store-bought ingredients. Eating fast food is assuredly convenient, but can lead you to spend more than your budget allows for during the holidays. 

How Do I Make A Christmas Budget?

A budget takes time and careful planning. Pillar Financial can help you manage your wealth during this busy time of year and ensure you start 2022 on a positive financial note. Pillar Financial is open to take your call Monday to Friday, 9:00am to 5:00pm. Call our friendly team on 1300 730 309 or reach out via our contact page to ask what we can do for you as you conclude your year this holiday season.