There’s something about Christmas that makes us want to go all out.
But the truth is, this pressure to spend can quickly lead to financial stress, long after the decorations come down.
Set a realistic budget…to cover everything
Work out how much you want to spend on gifts, food, travel and events.
Include all the additional outlays e.g. decorations, gift wrapping, and batteries if you have children – these can all add up!
Make a gift list and stick to it…before you go to the shops
Write down every person you plan to buy for and set a spending limit for each.
Think about what you want to buy beforehand so you don’t wander around aimlessly looking for inspiration and then end up purchasing under pressure…
Share the Load
Even if you are hosting Christmas, get everyone to contribute towards both food and drinks. This could be a dish, a course or a meal over the festive season.
Set up a Christmas Fund (next year!)
Next year, work out the total cost for Christmas and contribute a regular amount throughout the year. This will prevent you from having to rely on credit and avoid experiencing a post-holiday debt hangover!
Advice from our Experts 