Ways to budget early for Christmas

Christmas might seem like a lifetime away but if you want to have the perfect one in 2023 without last minute stress, you need to start budgeting now.

As well as the food and decorations, there are presents to think about too! All of this adds up and if you leave it until the month before, you are guaranteed to regret it.

Planning now is a great way to spread the cost of the festive period and give you a magical Christmas (without the financial headache!)

Here are our tops tips for budgeting early.

Start saving now

Putting away a little bit of money each month is the perfect way to add to your overall budget, without having to take a chunk out of your wage all in one go. Even if it’s just £5, £10 or even a £1, this all adds up and you’ll probably be surprised at how much you have managed to save at the end of the year.

It’s a good idea to set up a separate bank account for this and only move across what you know you can afford. Try not to dip into this account unless absolutely essential if you want to make sure you save as much as possible.

Plan ahead

If you can, try to figure out what your family want ahead of time. This means that you have plenty of time to browse around for the best deals, and even get presents in a sale before then.

Just remember that sometimes people do change their mind (especially kids!) so you will need to be confident they want the product before you purchase.

Cut back where you can

One tip we have learnt is to print off the last 3 months of your bank statements and highlight anything you can cut back on.

Reducing extras like take aways and nights out to once a month rather than weekly is a great place to start. Or, if you’re anything like us, you might spend a little too much on clothes when you already have plenty in your wardrobe.

All these little things are luxuries and can be pulled back as much (or as little) as you want. It’s definitely something to think about!

Set a budget

Set a budget for how much you are going to spend on food and presents, and stick to it! You could set up goals where, for instance, you save enough for a relative (or more than one if you can) each month. This will definitely help to reduce stress nearer to the festive period and you can rest assured you aren’t missing anyone and you have enough money to make their Christmas special.

We hope that you find these tips useful and that they help you over the next 32 weeks (can you tell we’re counting down already?!)

If you have an idea that work for you, we would love to hear them. Let us know in the comments on this post or head over to our social media pages so that we can try it too!