The cost of Christmas is always a daunting thought, especially when you have pressing financial goals you’re making good progress towards. We all have different plans and different ways of celebrating, but there’s no doubt we would all welcome some advice to manage the cost! Here’s our top tips to conquer Christmas budgeting.
TIP 1: Have A Pre Christmas Cleanse
Make use of your lazy Sundays!
Identify some pre-loved goods of monetary value and put them up for sale. Selling unwanted items such as sports equipment, books, clothes and jewellery is a great way to put a dent into those Christmas costs without feeling the financial outlay. You’re simply moving funds that were being wasted in unused items to repurpose them for Christmas gifts!
TIP 2: Set Your Boundaries
Establish what you can afford this holiday season. Review your expenses and income, draw a line on upcoming spending to ensure you don’t go into the red, write it down and hold yourself fully accountable to it.
TIP 3: Track Your Spending
Make use of the AllianceCorp Wealth Portal to stick to the limit, schedule a weekly slot to review this.
TIP 4: Forecast Financial Outlays
Make a list for all potential outlays such as the supply of food and drink, travel, accommodation and more – not just presents. In terms of gifting, set a list of who you need to buy for and set an appropriate limit. Where possible, entertain the topic of mutually skipping the present exchange in order to stick to your long term financial goals.
TIP 5: Get Organised
Generally speaking, when organising yourself for the Christmas period at an earlier time, you tend to capitalise on some great deals and savings. Prices tend to inflate for those last minute shoppers, so buying early will save you both cash and stress. Identify which gifts you are buying and keep an eye out online for potential sales! Using the major search engines can be super helpful in finding the best price.
TIP 6: Share The Cost
More often than not, we’re spending the Christmas season with friends and family. If you’re hosting – there’s no reason why you need to cover all the cost. Ask guests to bring a dish and a drink! This will significantly reduce the burden on your budget.
TIP 7: Work Smarter Not Harder
Aside from selling your pre-loved goods, consider another side hustle. In last month’s Budget Bulletin’s newsletter, we launched the AllianceCorp Affiliate Program – the most rewarding side hustle on the market which you can find out more about here.
If you’re seeking greater guidance on how you can best save during the Christmas period so you don’t impact your financial goals, or are looking for help on how you can fast-track your deposit savings, simply fill out the form below!