Christmas spending

Financially Preparing For Christmas

With our expenses rising, households all over the UK are finding it more and more difficult to manage their finances on a day-to-day basis. Budgeting is already a factor that many people struggle with, particularly those with limited disposable income who are trying to stick to a strict, non-negotiable amount. So, it’s extremely common for financial stress to increase around this time of year. Despite Christmas being only a couple of weeks away, a large portion of UK households have left their financial management improvements and changes until the very last moment. We understand that the Christmas period doesn’t revolve around slashing the cash, however, external research proves that around 41% of respondents say that not being able to afford Christmas will ruin the festive season. So, instead of abolishing the big day and all of the high costs that come with it, here are some tips to financially prepare.

Less Is More

It’s common for households to spend a little bit more and go the extra mile around this time of year, whether this relates to excess amounts of gifts or perhaps a large array of festive food. However, with the costs of inflation and rising prices, everything is going to be even more expensive this year. So, instead of going the extra mile, why don’t you try to save some money and adopt the “less is more” strategy? In fact, do you really need to purchase that extra fancy gift or that overpriced bottle of alcohol to have an enjoyable time?

As we previously mentioned, you are not the only household looking for ways to cut down this Christmas, further information gathered from SiteCore implies that the majority of UK shoppers (75%) will be seeking to purchase cheaper presents, and are willing to “put in the work” to find the best deals available on the market, whether this be from mainstream stores or even independent online marketplaces.

Stick To Your Budget

Some people decide to switch up their usual spending habits around this time of year, potentially impacting their budgets. However, these splurges and large spending sprees are frequently planned and may even be compensated by previous savings. So, if you are somebody who hasn’t had time to consider their Christmas spending up until now, we suggest you try and stick to your usual budget to ensure you do not overspend and find yourself with any kind of financial hangover. After all, nobody wants to fall into any unnecessary debt around the Christmas period, no matter how big or small their budget may be. Here at BingoLoans, we understand that sometimes mistakes are made and we find ourselves in financial difficulties, so we’re here to help. Click here for more information regarding payday or short term loans.

Cutting Your Costs

Similarly to “less is more,” cutting costs will greatly help when sticking to a strict budget. This doesn’t always have to result in a decrease in any kind of product size or amount. There are many other ways in which you can cut your costs while still enabling you to purchase everything you want. One of the most important hints is to look for cheaper alternatives or items on sale. Depending on the month, the UK’s cheapest supermarkets are typically Aldi and Lidl, these shops enable you to buy everything you are looking for, just at a price that is more suitable for smaller budgets.

So, with only two weeks to go, now is your opportunity to change the way you continue to spend.