12 MONEY TIPS FOR CHRISTMAS

Our Money & Wealth Expert, Vix Munro, has put together  12 Tips to help you manage your finances better this Christmas, including some for next Christmas to start well in advance!

 

Create a budget or spending plan.

Make a list, work out how much you want to spend and stick to it. Sit down with a pen and paper and work out what you can afford. Write a list of everything you need to buy – presents, decorations, food, clothes, drink and travel – and use that to create your Christmas budget or spending plan. You might less on some things and less on others, but hopefully you’ll end up near your target.

 

Save for Christmas throughout the year.

Create a regular pot of money to cover the costs of Christmas and contribute money to it every month. Some banks (like Starling and Monzo) will let you do this in their app. It’s a bit late for this year but definitely something you can start from January. And saving regularly throughout the year will reduce any monetary stress at Christmas.

 

Make more money.

The best way to manage additional costs (like the cost-of-living crisis or Christmas) is to bring in more money. This could be asking for a pay rise, starting a side hustle, selling more products, or sell a new product. Alternatively, sell some of the stuff you don’t use. After all, one person’s junk is another person’s treasure.

 

Meal plan.

Everyone seems to engage in a food shopping frenzy in December buying enough food to last until Easter. You don’t have to go all Scrooge-like on the food shopping, but meal planning and a shopping list will help keep your costs down. And also help reduce the huge amount of food waste that’s sent to landfill each Christmas.

 

Book travel in advance.

It’s probably a bit late for this year but something you should think about for the future. If you’re planning on travelling for Christmas, then you’ll save money by booking ahead as well as have more options. It’s not rocket science, just takes a bit of planning.

 

Create new traditions.

Do your children really need advent calendars? Do you really need Christmas crackers? Where else can you cut costs? Instead, create some new zero-cost Christmas traditions, like a music play list (which you can add to each year), a movie night or a quiz. They can be as whacky as you want. So, get creative!

 

Share the cost of Christmas.

If you’re hosting Christmas for your family and friends, then make sure everyone contributes. Either everyone brings a dish, or you do the shopping, and everyone contributes to the cost. And also share the load – make sure it’s not just those hosting or the women that end up in the kitchen.

 

Forego presents altogether.

If you don’t like the mass consumerism of Christmas, then agree not to buy presents. Instead, place the focus of Christmas on those things that are important to you.

 

Change your approach to presents.

You can reduce the number of people you buy presents for, take part in a Secret Santa (where you pull a name out of a hat and only buy a gift for that person) and/or reduce the amount of money you spend on each present. Whatever you choose, it can still be fun and meaningful.

 

Get crafty and make gifts.

There’s something special about receiving a handmade gift. The list of potential handmade gifts is endless, e.g., biscuits, soap, cosmetics, cushions, clothes. You can also get something from Freecycle and upcycle it. Or pledge to do something nice, like give a massage or lawn mowing.

 

Give to those less fortunate.

After all, Christmas is the season of goodwill. You don’t even have to give money – you can give goods or your time. You can give toys that your children no longer play with to children in need. You can volunteer at a food bank. There are many options.

 

Be kind to yourself.

Even the best-laid plans can go wrong. So, do the best you can and don’t beat yourself up if things don’t go to plan. Being kind to yourself is always important.

 

Have a fabulous, festive Christmas!

 

Vix Munro is a certified financial coach, mentor, and educator.
Her mission is to help women create and grow wealth so that they can live the lives they want.
She believes women have the ability to transform our money mindset, rewrite our money story and become financially empowered. And that this can be liberating, life-changing and fun.
Vix is also the author of – Financial Cliteracy:  A Woman’s Guide to RICHES and Financial Pleasure.

COMING UP NEXT – Christmas Shopping – Are You A Winner Or A Loser?
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