The idea of spending a fortune on gifts at Chrismas can be financially stressful, but it doesn’t have to be a massive financial burden. Setting a budget and sticking to it can get you through the festive season without burning a hole in your pocket
Consider your current financial situation and be realistic about what you can afford. Try to start saving early and remember to set some funds aside for any upcoming bills like your mortgage or electricity. If you set a price limit for each gift, this will help you stay on track. Just make sure you do not exceed the amount allocated to each individual.
When you shop early and space out purchases, you can avoid spending a large amount of money at one time. This makes it easier to stick to your budget and get a head start on your gift list. Also, shopping early can help you source any bargains before stocks run low.
For larger gifts, consider researching them online. It will help you to avoid the holiday shopping rush and also distract you from buying unnecessary items when browsing. Just be sure to plan accordingly and remember to order online gifts well in advance of the holiday season to avoid disappointment. This can help ensure that the gift will arrive on time.
Are you creative? sometimes the least expensive gifts can be the most thoughtful. If your budget is small this year try to come up with a clever way to keep a little more money in your bank account.
If the number of people on your Christmas shopping list is overwhelming, try introducing Kris Kindle. This is a great way to make sure everyone receives a gift and feels included without breaking the bank. For example, write everyone’s name on a piece of paper, each of you will pick a name out of a hat. The person you get is the only person you have to buy for. Set a budget and try not to exceed it. You can also get each person to write out a wish list of items that are within the budget to make the shopping experience even easier.
The festive season is meant to bring joy, not an overwhelming feeling of stress due to an expensive and extensive list of Christmas presents. If you stay within a budget and focus on thoughtful gifts, you can enjoy a happy holiday season that doesn’t break the bank.
Murray & Spelman (Financial Services) Ltd will happily talk you through your financial planning options.
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