It seems that budgeting is going to be important this Christmas season. 28% of people in the UK plan to spend less this year on Christmas compared to last year, according to figures published by Tribes Research.
The following tips explain how to budget money and enjoy the celebrations without worrying over the cost.
Life is Expensive
One main reason quoted for cutting back this Christmas is the rising cost of living. If you're finding that life is just costing more than it used to, then read up on ways to save money and keep costs to a minimum.
Using Money Dashboard budgeting software, figure out how much you can afford to spend on Christmas this year, by looking at your regular monthly outgoings and calculating how much you'll have leftover. Once you know how much you have to spend, monitor your spending to make sure you stay under budget.
Too Early to Shop?
77% think retailers start Christmas advertising too soon, although 71% of these people have already started shopping. In fact almost half the country have already started their Christmas shopping, with 49% admitting they have already bought some gifts, although 32% admitted it was a spur of the moment buy. In general it's best to avoid buying on impulse. If you see something that's perfect for a friend, then make a note of it and search for it online later. Try several different comparison shopping engines and see if you can find the same or an equivalent item for cheaper.
Party At Home
35% are planning to spend less on Christmas partying, like seasonal drinks and meals out, compared to only 8% who plan to party more. Why not invite people round for dinner or drinks instead? Ask your guests to bring a bottle of wine or a course of the meal. There's more washing up to do, but it will cost you less than a night on the town.
Another big reason for a dip in Christmas spending is the rising cost of energy. If you feel like you're paying too much for fuel, it's worth reading our money saving tips and negotiation techniques for cheaper fuel this winter.