23 Dec How not to go broke at Christmas time
Christmas time can be a period of extravagance. There’s always a lot of pressure on people to spend up large, with some people even competing to see who can spend the most money. This can be really tough if you’re on a budget or have a limited income, so here’s some ideas to minimise your expenditure at Christmas time.
Ask guests to bring something
If you’re playing host on Christmas Day, that could get very expensive when you consider the cost of the meal, the dessert, gifts and alcohol. Instead of forking out for all of these things yourself, ask your guests to bring something. They don’t need to bring something major. Even just a bottle of wine or a dessert would be okay. It will save you money and they’ll feel as if they’ve contributed to the Christmas event.
Don’t buy gifts for everyone
Parents and relatives will buy presents for children as Christmas tends to be a big occasion for children. If your relatives are older then you don’t need to buy for everyone. Choose one or two people to buy for. Think of it as the family version of “Secret Santa.” Everyone will get a gift and nobody will feel under pressure to spend expensive amounts of money.
Set a budget
This is something that a lot of people don’t really consider, especially children, but adults do. Just because it’s Christmas time doesn’t mean that your bills disappear. That being the case, you’re best to set a budget and stick to it, because even if you use your credit card, that doesn’t mean you don’t need to pay. You just pay later, but you’ll incur interest.
Save through the year
Christmas can be an expensive time, so instead of spending the money in one hit, save throughout the year. You can buy presents when they’re on sale or buy vouchers for use at Christmas time. You could even make your purchases for next year on Boxing Day if you’re keen to save money.
These are just a few of the ways you could ensure that you don’t blow the budget at Christmas time.
Happy holidays everyone!