Planning Your Christmas Budget
Christmas is a time of celebration and giving, so it is important to ensure that you get the best out of this holiday. Many Australians, however, make the mistake of overspending at Christmas.
Going out of your budget for this holiday can leave you paying for it for the rest of the year, and the added interest can be extremely costly. This article considers how to plan your Christmas budget so that you do not spend too much on food, drinks, presents or decorations.
Determine What You Can Afford
At Christmas, it is very easy to look initially at what you want, rather than at what you can afford. Everywhere you go, the marketing and advertising of Christmas will tell you what you need, but it’s vitally important to consider what you can afford before paying attention to this.
To determine what you can pay for, it is crucial to look at your earnings and to divide the cash into categories for your budget. Remaining within budget for each of these categories will ensure that you have an affordable Christmas.
- Food Food is a very important part of Christmas, and it is thus essential to budget properly for it. You will likely have to feed more people than usual at Christmas, so planning ahead for this is vital. Investing in Christmas food hampers is one good option to keep your spending within budget.
A hamper will arrive in time for Christmas Day and the cost can be spread over a number of months to prevent a large financial hit from occurring. A Christmas hamper will ensure that you have all you need to feed your family to bursting point at Christmas.
- Drinks Alcohol and soft drinks are costs that many people forget at Christmas, but this expense can quickly add up. Buying drinks for your family to enjoy at home can be a large expense and this is rarely the only cost.
It is important to look seriously at visits to the bar and the drinks that you will enjoy at home over Christmas, so that you can budget correctly. Saving cash and stocking up on drinks in advance can save you a great deal during Christmas.
- Gifts Gifts are usually the biggest cost, so it’s really important to budget properly for this. A good starting point is to create a list of everyone who you need to buy a present for. You can then use this to create a budget for each person and to shop within cost limits that you can afford. Creating a budget for every person is the best way that you can keep your gift costs within budget at Christmas.
- Decorations Decorations are another cost that is easily forgotten in preparation for Christmas. Putting lights up and buying a Christmas tree can be expensive, however, so it is vital to plan in advance. Reusing decorations from the year before is a good move to keep costs down, and utilising simple decorations can be far nicer than expensive decorations too.
Simply arranging a flower delivery for the Christmas period can give you all you need to decorate at a low cost, and you will be able to make your partner feel loved and valued in the process as well.
Budgeting for a Better Christmas
When Christmas comes around, it can be very tempting to dip into your savings or to borrow for your celebrations. Doing so can make your Christmas really stressful, however, because you will know that you are putting yourself in financial trouble for the year ahead.
Creating an affordable budget and remaining within your cost limits will ensure that you can enjoy your Christmas properly without having to worry about finances. Being free of worry and financial regret will make your Christmas far more comfortable and enjoyable.