Holiday Spending Woes: Expert Shares Tips for Budgeting This Christmas Season
December can be a tricky month for budgeting. Let’s be honest- the Christmas period is a budgeting maze and expenses quickly pile up! From buying gifts for friends and family to stocking up on festive food and drinks while also managing extra heating costs, the festive season can often bring extra financial pressure.
New research reveals that a staggering 75% of young adults are deeply concerned about their family’s finances this Christmas, turning what should be a season of joy into one of stress and anxiety.
With online searches for ‘Christmas on a budget’ surging by 60% and ‘Budgeting’ skyrocketing by 450%, it’s clear that households across the country are grappling with how to celebrate the festive season without the weight of financial worry.
Yes, the holiday season can be a financial flurry but with careful planning, you can maintain control and manage stress over the festive period.
Debts and benefits expert Tom Barrett at caba has commented on how households can keep their finances in check this Christmas, sharing his expert advice to help find ways to budget and manage your money.
“Start by setting a budget. Impulse spending is common during this time, so it’s important to be intentional about your purchases. Cutting back or pausing services you aren’t currently using, such as gym memberships or online subscriptions, can help free up funds for holiday expenses.
Tracking your spending is another essential step. Writing down your income and expenses gives you a clear picture of your financial situation. While creating a budget sheet may feel intimidating, it’s a practical tool that can improve your financial management. Knowing what’s coming in and going out helps you plan effectively.
Focus on critical expenses first, such as rent or mortgage payments, as missing them can have serious consequences. Beyond that, your priorities will depend on your circumstances. It’s important to tailor your spending priorities to what matters most in your life.
Take control of your finances by making regular reviews a habit. Set aside time each week to go over your budget, monitor your spending, and look for areas where you can cut back. Keeping informed about your financial position will help you avoid debt and stay in control, ensuring a more manageable and stress-free holiday season.
If you’re still in need of support or debt advice, don’t hesitate to reach out to a charity like caba. Help is available to support you if you’re concerned about the upcoming festive season.”