This time of the year is a struggle for a lot of people. To try and help overcome the financial struggles that Christmas may bring, we want to remind you of some great money saving/management tips. They might only seem like small things, but they do all add up and every little counts!
Tip Number 1: Christmas Budgeting
Make a list of the people you want to buy for and build a budget around what you would like to spend on each person. This helps you avoid getting carried away because when you see the figures on the paper you realise how much you are spending overall. As we all know, the cost of living has increased so if you are really struggling then definitely suggest doing something like Secret Santa this year. Chances are that a lot of your family members will be thinking the same thing…
Tip Number 2: Checking Bank Statements
Check your direct debit and standing orders. This is quite a big one, so many people forget they are still paying out for an old contract or gym membership, etc. Taking a short amount of time to just look through your bank statements and work out exactly what everything is, will save you a lot of money in the long run especially if you are paying for things you don’t even use.
Tip Number 3: Checking and organising your subscriptions
Look into what subscriptions you are paying for, and do you need them all? You may have multiple streaming subscriptions and yes, they all have different ranges of films and shows on there but if you’re struggling, why don’t you just cut back on these for now and just keep one of them? You could also speak to your family and make use of the family plans so you can all share. A lot of people seem to do this, and one person pays for one subscription then the whole family has access.
Tip Number 4: Credit Cards and managing them
If you’re only managing to make the minimum payments, it may be worth looking to see if you can transfer the balance of your credit card to a 0% interest card, especially around Christmas time. We would just like to remind you that you need to be paying at least the minimum or this debt will negatively impact your credit report. To avoid any missed payments, set up a direct debit so it comes out automatically.
Remember, Christmas is only one day and as enjoyable as it is…it’s not worth making this year’s Christmas shopping, next year’s debt. It’s not just about the presents (even if it may be for the children 😉)
