The most wonderful time of the year is incoming, so now is the best time to start preparing for it. You don’t want to dive into debt right now, as many of us are already struggling, but at the same time, the months ahead do tend to be costly ones. So what can you do to spend wisely this festive season? Here are some suggestions that should help you along the way!
Reevaluate Your Budget
Start out by reevaluating your budget. Sure, we may all live to a budget, but with the cost of things changing so drastically lately, it’s important that you factor increased costs into your budget in order to know what your disposable income actually is. Note down your take home pay, then note down an accurate and up to date list of your monthly outgoings. The figure you have left is your disposable income – what you can afford to spend for the month without sinking into debt.
Don’t Overspend
It can be tempting to overspend at this time of year. Many of us have traditions that we want to stick to, but it really is important that you make changes to these traditions to make them lower cost. Overspending right now can land you in a lot of financial struggle that could result in months of ongoing, chronic stress and worry. As many of us struggle to afford the basics, there’s no room for additional credit card or loan payments going out of our bank accounts too. Stick to your budget, avoid exceeding your disposable income and find lower cost ways of doing things. Eat at home rather than eating out. Reduce your spend on presents. Enjoy low cost or free festive activities. This time of yesr should be about memories, rather than material things. Now, more than ever, people are going to understand reduced spending.
Invest in the Essentials
Of course, living to a budget doesn’t mean that you can’t spend at all. This is the time of year that many of us will find ourselves in need of a few essentials to stay warm and comfortable. Just make sure to shop wisely. Use quality brands that will last, like https://paisleygraceboutique.com/ for a cosy winter wardrobe or reliable glaziers for double glazing to keep your home warm. Use your disposable income wisely and on the things you actually need.
Shop Savvy for Gifts
A big area of expenditure for many of us right now is gifts. We want to give out nearest and dearest a token of our love, wrapped up under the tree. But try not to go overboard. All too many people feel pressure to spend more than they have at this time of year. Instead, take your disposable income and determine how much you have to spend, split between the people you want to buy for. Stick to this figure. You can shop savvy to make it go further. Be alert during the Black Friday sales to pick up some bargains. Use coupons and any discount codes you can find.
Hopefully, the tips above will really help you to thrive this holiday season, rather than finding yourself shrouded in money worries!
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- Lisa has been blogging since 2013, and loves sharing resources and ideas for living a simple life. To get free printables, bonus words, and more - sign up for the newsletter.
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The holidays can get petty stressful if I find that I’ve overspent. These are good suggestions!
I’ve started shopping for Christmas gifts and keeping to my budget!
Much needed tips this holiday season. I have to pinch pennies now more than ever.
Thank you fro the great ideas. It can be a real challenge being on a fixed income.