By Ofuns Okwechime
How To Spend Less During Christmas
Like me, you may have a large extended family and friends, so it is essential to plan. Like other life skills, if planned carefully, you can get through each holiday season without it being challenging. In this article, we will be looking into money-saving tips to help you spend less this Christmas.
Make A List And Stick To It
It is essential to have a plan for everything we do, especially if our end goal is to spend less. If you do not have a shopping list to guide you, there is always the temptation to buy things just because they look pretty or you feel the recipient would love them.
Understandably, you may want to give a gift to everyone you know and like, but you have to be realistic. Remember, there will always be a new version of everything however, you need to avoid the willpower of bowing to “shiny object syndrome”.
Start Saving In January, Early In The Year.
You know the saying, “Dig a well before you need it”. Get started and keep track of your savings. A simple way to achieve having enough in the run-up to Christmas is to put a little aside each month into a Christmas fund. Something as simple as a Christmas piggy bank you can make or buy for as little as a pound would suffice.
Know What Your Budget Is
Work out what you can afford. A place to start to ensure that you do not overspend this Christmas is knowing what your budget is. Have an exact figure you are working with and allocate funds to each gift. This clear way helps to determine if you can afford the items on your list. You can readjust but do so within your budget.
Set aside enough to cover your outgoings for the period. Make sure you have some money left for unexpected emergencies. It is not advisable to dip into your savings if there is no plan to replenish the amount. If you do not have a budget plan or have never made one, you can use a downloadable free sample budget planner to help you do so.
More Tips
Flog any items you haven’t used since last Christmas
Sites like eBay, Amazon or Facebook marketplace allow you to sell unwanted items.
Look amongst your possessions, and you will be surprised how many items people around you may need. If you have any left which don’t sell, give them away. After all, Christmas is all about giving, spreading joy and showing love to those around us.
Avoid borrowing to cover the cost of Christmas.
It is never a good idea to borrow to cover the cost of Christmas because it is a sinking cost which does not generate more income and could cost you so much more in the long term. The cost of borrowing in the form of interest rates is high and could spiral out of control quickly.
If you are behind with payments like credit cards, loans or overdrafts due to borrowing, you can seek help from free debt advice agencies like Step Change or Christians Against Poverty. They can advise you on all the available options for managing any debts you have.
Give Out Homemade or DIY Gifts.
There’s nothing like giving out a gift you’ve made yourself. Moreso, as a young adult, you may have limited funds to spend on gifts. You can find affordable homemade gifts here- DIY gift ideas. You can also make homemade Christmas cards or handwritten letters for your loved ones stating why you are thankful for them. Sentimental gifts of this nature are treasured by those who receive them.
Create Homemade Coupons
Make coupons if you have a creative steak that could be towards babysitting, or completing chores around the home within a specified period.
Volunteering
Another way to give in a more personal way would be making a gift to a charity on behalf of a loved one or offering a service, for example, assisting an elderly neighbour with shopping or mowing their lawn. You could also volunteer by giving your free time in a homeless shelter or local food bank.
Shop Early and Consider Buying Gifts All Through The Year
There are ongoing sales and reductions throughout the year. Knowing when these are, especially the January sales, could lead you to make huge savings. Look out for seasonal sales which are accessible on the money-saving expert website.
Pay in cash
Although this is not popular nowadays, making your Christmas purchases in cash means you only spend what you have and can be an effective way to spend less. Spending more can be reduced, but this is only achievable if you leave other forms of payment at home during the Christmas shopping trip.
Buy Affordable Gifts.
There are savvy ways to spend less while shopping for Christmas and this includes looking out for discount opportunities like the Amazon Warehouse Discount Finder Tool.
Plan Travel Well Ahead Of Christmas Day
If you have to travel home to be with family and friends, remember Christmas travel can be chaotic and expensive with so many people trying to get home. The earlier you plan your journey, the more likely you are to reduce the cost of your travel which means spending less to cover the cost of your journey. Money-saving sites for booking train journeys like the train line offer discounts on lengthy journeys if as a young adult, you are a student.
Bake Homemade Treats
What better way to show you care than to spend time baking easy recipes for a favourite treat for a loved one? You can personalise the decorations for example, cut out cookies with the initials of their name, decorate their favourite cupcake or make their favourite fudge.