It’s coming around to the most expensive time of year: holiday season. Whether you’re going away this year (perhaps within the UK rather than abroad due to the coronavirus, but still) or you’re simply thinking about all of the meals out and gift-giving’s that you might be doing, this can certainly be an expensive time of year.
So, how can we enjoy all of these things whilst being able to make the holidays debt-free?
Here are a few small tips that can help save your bank account and save yourself some debt-stress!
1. Set a maximum amount of money that you want to spend
Most people believe that the first step is to start making a list of all of the things that they want to buy but actually, the first step is to set a budget. Take the time to put together a holiday budget and be meticulous! Include ALL expenses, no matter how small they seem. These include things like wrapping paper costs, cards, delivery charges or anything else that you can think of that you’re going to need to pay for.
2. Pay Cash
If you know that you have trouble sticking to a budget plan, leave the credit card at home! By taking out the money that you’re willing to spend in cash, you won’t be tempted to go past that limit because you simply won’t have the option to!
This is not only a great tip for the holiday expenses but all year round. Any shopping sprees or night outs that you have planned, try and see if you can go card-less. That way, you’ll never allow yourself to go over the limit.
3. Early bird gets the worm
If you start budgeting and saving early in preparation for any events, holidays, or gift-giving’s then you can save yourself a lot of stress and anxiety in the future. Plus, the retail industry is sneaky and hikes up the prices around the holiday season in hopes of making extra cash from those that have left it all to the last minute!
4. Get creative
Don’t feel pressured to splurge on a show-stopping extravagant and over-the-top gift to show someone that you care. Handmade gifts or homemade foods can be a budget-friendly way of letting someone know that you care for them. And, let’s be honest, who doesn’t love a freshly made batch of cookies?
Personally, I looooove this recipe!
5. Most importantly, don’t neglect your goals
If you get too caught up with all of the extra expenses and activities that happen during the holiday season then you could fall into the trap of neglecting your bills and other important payments that you need to make. And ultimately, don’t let holiday pressures stop you from working towards your debt-free goals.
Need more money advice?
Our expert financial advisors are ready to help you with any problem debt that you have. Call them at 0800 088 2303 or use our 60-second debt calculator and let’s get started on your #DebtFree future!