Christmas Budget | Keeping Out Of Debt
It might still be a while off, but preparation is key! It won’t be long until the big day – presents under the tree, the smell of Christmas dinner… so exciting! If you start your Christmas budget now, you are more likely to enter the New Year without any new debt!
Who do you want to give a gift to?
Decide who you want to buy a gift for this Christmas!
- Family – Parents, Grandparents, Aunties, Uncles, Siblings, Children, Grandchildren… even your dog? The list goes on! Include everybody who you want to give a gift too this Christmas.
- Co-workers, Colleagues, Bosses, the office pet?
- Teachers, class instructors, swimming teachers, coaches?
- Anybody else? Feeling kind? Add them to the list!
Create a realistic budget
You need to create a budget and also a check sheet with how much you’re planning on spending and a box to tick when you’ve purchased the gift! Following a budget and most importantly, sticking to it will ensure that you avoid impulse buys – keeping you on track with your finances.
See our example:
Work out how much you can afford to spend and add your chart up to see if you can successfully get these gifts. This needs to be a realistic amount which you can spend in cash. If the number isn’t as high as you expected – that’s fine! You need to look after yourself financially. If your chart comes over your spending allowance you need to make some cut backs. Remember, Christmas isn’t about financially crippling yourself so your grandma can have another scented candle. You need to think about number one too!
Remember the meaning
Christmas is about appreciation, company and enjoyment. Not just what’s under your tree on the day. All of this can be done without money. Creating a home made Christmas card with a lovely and meaningful message can go a long way! You may want to cut out a colleague or a distant relative off your list. This process can be painful, but it has to be done. Doing something like baking a batch of home-made cookies and taking it into work can cover your colleagues. Who is going to turn down free cookies, come on?
Assign your gifts
Paid gift list; Beside each name on your list, you need to assign a realistic amount you’re going to spend. For example, £30 on mum, £30 on dad and £25 on your siblings. Make sure that the amount doesn’t exceed which you stated previously.
Made gifts; Are you going to take a batch of home made cookies for your colleagues? A nice photo for your friends or family in a DIY frame? Here are some ideas which can give you some festive and creative inspiration!
Personalised card; A personalised card can go a long way. It’s the thought that counts, right? A personalised card which costs pennies to make and a nice, meaningful message will be sure to make a great surprise this Christmas!
Make the Christmas budget work!
Don’t spend more than you budgeted! All you need is some time (we’ve gave you plenty!) and your creative spark – enjoy!