7 Tips For A Better Christmas Budget
Thursday, November 23rd, 2017
Christmas is getting closer and for many families across Australia that means the extra expenses of presents, food and holiday entertainment that might include travel and accommodation. It might also mean time away from earning money in your job or business.
To help manage the extra expenses that the festive season brings, preparing a budget is a smart thing.
Try these clever tips for better Christmas budgeting that helps you enjoy the celebrations, with all the trimmings.
Smart Christmas Budgeting
- Write a list for everyone you want/need to buy for – then allocate an amount to spend. If the amount is unrealistic, think again, or consider culling your Christmas present list to include less people. Once you’ve set your budget to an amount you can afford – stick to it. Christmas is meant to be a happy time. Don’t get yourself into unwanted or unmanageable debt.
- Think about talking to your friends and family about limiting the amount you spend on each other. Organising a Kris Kringle – where you purchase for just one person – is another practical way to be stick to your budget and still spread some festive cheer.
- Budgeting can also work for families with children. Learning that money from parents really doesn’t grow on evergreen trees is a valuable lesson and lays the foundation for smart savers who appreciate the value of money.
- By the time you are a fully-fledged grown-up, your need for “things” seems to lessen. With a house stocked full of life’s basic necessities – TV, fridge, washing machine, furniture and coffee machine, to name a few – the desperate need to spend on more household items is minimal and, for other adults in your life, chances are the reality is the same. So, instead of buying presents for each other, talk to your close friends and family about making a charitable donation to your favourite cause with the money that would have normally been spent on traditional presents, or give gifts that are cheap and silly – just for fun.
- By preparing an invitation list for any function you are hosting, you can buy food and drinks to cater for the right number of people, without wastage. Come up with a menu and stick to it and look for bargains each time you visit the supermarket in the weeks leading up to Christmas. If you buy a few non-perishable items each time you shop, it won’t be such a big bill in one hit as Christmas gets closer.
- If you are hosting a big gathering, ask guests to bring a plate or something to share. You’ll save on shopping time and money.
- Shop around. Customer loyalty might seem lovely, but if a shop close by sells certain items cheaper than your usual supermarket, you might save lots by switching. Just like you can get a better deal with a home loan by comparing interest rates offered by lenders, or save on your utility bill by talking to other providers, savings from being aware of grocery prices at competing supermarkets can add up too.
There are a variety of ways that individuals and families can reduce spending and save more and, once you get going, to help your holiday season be a less stressful time, why stop there? With a better attitude to budgeting beyond Christmas, you can start saving for other important goals, such as buying a car, or a property.
To find out more about how budgeting can help you achieve your savings goals and get you closer to the deposit you need for your next loan application, speak to professional finance brokers at Loans Actually today on 03 8805 1850.