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For some of us, Christmas is a time for excitement and joy, but for many, it's a time of financial stress. There are presents to buy, meals to plan, holidays to budget for. The Christmas season is expensive, so we have complied some tips to help you prepare.

christmas budget

1. Set a budget

Of course, setting a budget is always the first step! Work out how many things you have to pay for: do you have to take a flight? Pay for accommodation? How many presents do you need to buy? Are you hosting a Christmas meal? Take everything into consideration and write it all down. Next, set a realistic present budget. Gifts don't have to be expensive! Figure out who you have to buy for and what you're comfortable spending on each present.

2. Save, save, save!

After you have your budget, work out how much you will need to put away each week. It's best if you can deposit it into a separate account to your everyday, or long term savings accounts.

christmas saving

3. Cut back

Is there anything you can cut back on up until Christmas to save some extra cash? If you usually go out for Friday dinner, consider skipping it for a few weeks, and pop the cash you would have spent in your holiday savings account. It will just be for a few weeks.

4. Sell your old things

You're about to receive some new items in the form of gifts from your loved ones, so you might benefit from a clear out! Take a look around your home and find things you no longer need or want. You can easily sell furniture, clothing, household goods, and shoes online, or hold a garage sale!

christmas cash saving

5. Make some extra cash

Now might be a good time to pick up some extra work! Lots of retail stores will hire extra employees over Christmas, which is a great way to make a bit more money over the holiday season. If this isn't for you, think about how you can use skills you already have to earn some extra income.

Happy saving!

 

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