Christmas can be a stressful time financially, in this blog we will be looking at ways to help you cope during this period. Our financial advisor offers ways that you can save money by creating a realistic budget and how to avoid unnecessary spending. We also share important advice to look after your mental health and to share your financial worries with others and offer our financial services to take control over your finances for 2023.
Create a budget & stick to it
Budgeting is important all year round, but around Christmas, it can really make a difference. Having a budget for each family member and household expenses (i.e., decorations, food, etc.), will give you a clear overview of your financial possibilities and put you in control. This way, it will be easier to avoid overspending and scrambling for cash at the last minute. For more peace of mind, set money aside for essential expenses first: rent, bills, groceries, gas, health expenses, and insurance. Make sure to use our FREE Budget Calculator to help you manage your finances efficiently over the Christmas period.
Avoid the trap of unnecessary spending
Please don’t spend beyond your means this Christmas. Putting yourself in debt will only cause more stress and will have a negative impact on your holidays. Memorable Christmas celebrations are about inner peace and beautiful experiences, not material possessions. So, before you consider applying for a loan to buy the latest iPhone and the most luxurious Christmas decorations, ask yourself if these things really mean something to you, or if it’s just social pressure. Borrow money if it’s absolutely necessary, but refrain yourself from getting into more debt than you have to. For more information on how to overcome financial anxiety, check out our “Overcoming Financial Anxiety” blog post.
Take advantage of seasonal deals
A great time to do your Christmas shopping is during Black Friday and Cyber Monday. However, the January sales are a great time to get discounted products. Make sure to shop around to get yourself the best deal. Our advice here is to shop around during these times, there are many misleading ‘offers’ but some companies may be taking advantage of these shopping events. Do your research and search for the prices before the sale started to see if you truly are getting the best deals available to you.
Don’t be afraid to say No
Christmas can cause a lot of social pressure to meet up with friends and family for meals and drinks. This can add up and cause a heavy blow to your wallet. You don’t have to say ”Yes” to everything if you don’t want to. We recommend planning your social outings in advance and setting a budget for each so you are in full control of your finances.
Don’t be afraid to share your worries
Talk to your friends and family if you are feeling stressed over your financial situation this Christmas. It’s important to know that you are not alone and that Christmas is a stressful time for a lot of people. Getting it off your chest will feel a lot better and will reduce expectations of you to be at every social setting this Christmas or to excessively spend on gifts.
Get expert help in managing your finances
This time of year, managing family and personal finances can be tough. If your household has been affected by budget cuts or unemployment and you don’t know how to manage the financial pressures of Christmas without getting into debt, it’s OK to ask for expert help. If you would like help managing your finances in 2023 please don’t hesitate to contact us. Our financial advisors are here to help everyone, from early savers to families and the elderly looking to take control of their pensions. To contact us, head over to our appointment page and see how we can help you to manage your finances for 2023.
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