The Christmas period is the year when most expenses are made. Many go into debt because of expenses involved in buying and spending during the festive period. Research by the parenting website Mumsnet revealed that 60% of parents are more worried about the cost of the festive season than they would normally be. There are many books written on money management that guide on how to save up money but when it gets to the Christmas period, many get carried away with the excitement of the season that they forget all they have read in the book on money management.
In this article, I will be showing you how to save up for Christmas and have a budget.
Ten Simple Tips on how to save up for Christmas
1. UNDERSTAND YOUR IDEA ABOUT CHRISTMAS
As Christmas approaches and everyone is over the moon about it, you need to, first of all, analyze what Christmas means to you. Is it all about buying Christmas clothes, shoes, and gifts for family and friends to impress them? Is it a time to show off how much you’ve got or is it about celebrating the birth of Jesus Christ in a more godly and contented, less extravagant way? You need to decide this first.
2. HAVE A BUDGET AND STICK TO IT
Have you ever been to the market to buy shoes and then sighted a beautiful bag or tie that you feel will match the shoe and out of impulse, you go ahead to buy the bag or tie even though it wasn’t part of your budget? Having a budget is good but sticking to it is better. This will help you reduce your financial anxiety.
3. AVOID BORROWING
So many things will beckon your attention and appetite to buy, and in the spirit of Christmas, you may be tempted to buy it all even if it means borrowing. You must resist the temptation to borrow money during this period. You may not feel the impact now but by January, you will wish you didn’t.
4. CUT DOWN THE GIFT LIST
In the spirit of Christmas, you would want to buy gifts for your friends and loved ones. Set priority! You must not buy gifts for everyone. Select a few persons from your list and get a gift.
5. BUY EARLY
It is no news that once it gets to the second week of December, the price of commodities doubles. To beat the price increase, you should make your purchases earlier. You can start in November to buy or make your online purchase before the Christmas hype. This will help you save costs and
6. ALWAYS VISIT YOUR LIST
After putting down your budget list, don’t get carried away that you forget to cross-check your list. Emergencies can come up, nevertheless, revisiting your list will help keep you in check.
7. RE-GIFT UNUSED OLD GIFTS
There is absolutely nothing bad in giving out gifts that you received within the year that you have not used and may not be needed. It will help you save up the money you would have used in buying new gifts.
8. CONSIDER AN E-CARD
Instead of buying the physical card which may cost more, if you must gift a Christmas card, you may want to consider sending an e-card to your loved ones.
9. CONSIDER A HOMEMADE GIFT
Everything must not be about buying, you can creatively prepare a homemade gift for your loved ones. You can check out Homemade gift ideas online and see what you can make. Plan so you can have enough time to prepare and create your gift.
10. OPEN A CHRISTMAS SAVING ACCOUNT
Keep this in mind as you approach next year. Open up an account solely for Christmas savings. When you have such an account, by the time it’s Christmas, you wouldn’t be so worried about where to get money to buy things. With the money you have saved, you can plan yourself and have a budget-friendly Christmas. More so, no matter what comes up within the year as you save in your Christmas account, resist the temptation to go withdraw the money to solve emergency problems. If possible, do not request for ATM for that account.
I believe that by the time you apply the tips given, you would be able to save up enough money during the Christmas period, and have enough to start the new year with.