Save money during Christmas and avoid the common issues that many people face.
Let me share some very common problems that people have over the coming months and also how you can solve them!
Problem 1 – Christmas Shopping Mania Takes over.
November and December we get bombarded with shopping temptations, sales and can easily get caught up in the hype of it all. You end up spending more because you have forgotten what you have already bought, or you just see one more thing that would be perfect for a gift.
Put in some well detailed plans and thoughts to your purchases. This includes food and gifts. How much are you planning to spend on each person? Think about some gift ideas and keep a track of what you have purchased and spent so you know when you need to stop.
What are you contributing food wise to Christmas day? Again, make a plan and a list and only buy what you need.
Problem 2 – We forget to factor in social occasions to our “Christmas Spending Budget”
December can be a really social month. With work functions, catching up with friends and family before the big day.
Plan, plan plan, be really aware of what social engagements you have coming up over the next few weeks and factor this into meal planning and your spending allocation.
Problem 3 – You haven’t actually put money aside for Christmas and feel short on funds.
This is really common. People get to November and December and then only start thinking about how they are going to fund the coming months. If this is you, you need to think carefully about how you will make your funds last over this period.
Talk to friends and family about your situation and explain that you do not want to put yourself into a position where you are struggling after Christmas. Those that love you will understand.
Problem 4 – you are using Credit Cards, AfterPay or your hard earned savings to fund Christmas.
Again, an extremely common problem. If you are tempted by this at all, it means you need to really look at your bigger financial picture. A money mindset that falls back on and relies on debt is not going to serve you well in the long term.
Don’t. Debt funding or accessing long term savings means that you end up paying for Christmas long after it has finished. You need to be better prepared so that you are not paying Christmas back to the Credit Card companies in 2022. Avoid the debt this Christmas and start putting money aside for next Christmas!
Problem 5 – we only think about December spending and forget about the rest of summer
Holidays, Socialising and Back to School. February will be with us before we know it, if you over-do it now you will find that back to school – post holiday period extremely hard.
Make sure you already have some money set a side for when the kids go back to school. If you do not have that in place now, you need to start in December. It is extremely common for families to really struggle in that February – April period. You do not want your Christmas Hangover to last 4 months after the event!
Problem 6 – we end up with a whole lot of things that we or our children do not even want or need
We have all received that gift that was bought in good fun and spirit but has no use for us at all.
Make a stand to stop that. Only buy your Children things they will genuinely use and get long term use out of. When you give gifts, think about how that money is contributing to our environment.
Are you buying something gimmicky and silly for someone that will only end up in the rubbish bin? What a waste of money. Be practical, resourceful and lets try and reduce the amount of waste that will be dumped into our landfills this Christmas!
Remember to share with your loved ones the same ideas. Remind them that your children do not need lots of gifts. Christmas should be more about who we are spending our time with and cherishing memories with loved ones.
Lastly, remember to support your local stores. Go old school and walk into the shops in your hometown.
I know its tempting to jump online and shop at Kmart because its cheap. If you do that, the money you are spending does not stay in your region or In New Zealand.
Check out our video here for more information
We also have a blog on How to Save for Christmas that might help you for 2022