Do you want to know the best time to start thinking about Christmas? It’s January. Yes really! January!
Christmas is probably the last thing you want to think about right now, but its the perfect time while the last one is still fresh in your memory.
We all know the worst thing about January (well apart from the dark mornings and cold weather) is your bank balance. It really is grim waiting for the weeks to pass until your next pay day. Especially if when do you get paid its going to go to pay off any Christmas over spending. Every year you tell yourself that you won’t over spend on Christmas, but its so easily done. Planning ahead can help to prevent that from happening.
Here comes the difficult bit… take a look at your bank balance and see how much you have actually spent during December. You will probably find that the amount can be split into the following categories:
- Going out
Take the total amount, divide it by 11 and that’s how much you need to save each month starting now! Putting aside a set amount means that by the time December comes around you’ll have saved up the exact amount you need.
Use a separate bank account to store the savings in, so that you’re not tempted to dip in to them over the year. Some banks offer financial incentives to encourage new customers so you might as well take advantage of one of those.
Set up a monthly direct debit account to automate the savings so that you don’t physically have to do anything and then watch it grow over the year. By the time December arrives you’ll have exactly the right amount saved to cover all your spending.
Saving in advance means that you won’t have to use all of your December wage on Christmas shopping and as long as you stick to your budget, next Christmas will be a breeze!
Another great tip is to buy all of your Christmas cards, wrapping paper and gift tags now as they’ll all be at discount prices. You’re going to need them and its not as though they’re going to go off… so buy them well advance and get them now!
Just put them away with your Christmas decorations so even if you forget that you bought them, it will be a nice surprise when you get everything out again next year.
A bit of preparation now will make all the difference come December.