Christmas is meant to be the most wonderful time of the year, serving as the perfect opportunity to spend time with family and friends, give and receive presents, and indulge in all your favourite foods. Unfortunately, once all the fun of Christmas is in the past, many people are left saddled with debt that can take a huge toll on your finances and wellbeing.
Many of us get caught up in the Christmas spirit and put everything on a credit card to cover the festive season. However, no one wants to have to spend the following year paying off their Christmas debt, which is why you should save for next year’s festivities now. To help, here is a guide on how to save for next Christmas early.
Set Up a Savings Account
Once you’ve made the decision that you want to start saving for next Christmas as soon as possible, setting up a savings account is the best first step. Having a specific bank account that you can put money into will give you something to work towards and ensure you don’t spend the cash on other things. As you start to see the figure go up, this should be a great motivator to continue.
There are lots of ways to save for the festive season alongside a savings account, including joining a Christmas club, or looking into cash ISAs. Whatever route you choose, make sure you stick to it and don’t fall into the trap of taking money out, otherwise you won’t get very far with your savings.
Know Your Finances
You must have a good grasp of your income and outgoings before you start thinking about saving for next Christmas. Knowing your finances inside out will mean you can keep organised and in control of your money. Working out your budget and seeing what you can realistically afford to put away for Christmas is important, otherwise the money you could save may be used on other things, leaving you with barely a penny to put towards your Christmas fund.
If you live with your partner, make sure you sit down and work out your combined finances. This can be easier to work out if you have a joint account. You need to establish which outgoings are the necessities, such as your mortgage/rent, food and clothing, and which are are luxuries.
Cut Back on Expenses
Although it can be hard to do so, cutting back on expenses throughout the year is a great way to save money for Christmas. Whether it’s foregoing your Netflix subscription, changing supermarket, or buying secondhand clothes, making any small changes like these will save you cash that you can put towards the festive season.
There are some changes you can make where you won’t even notice much of a difference, whereas others may be harder to make. Simply cutting back on how many takeaways you have, limiting how much you use your car, and bulk cooking your meals are other ways you can cut back on your spending and free up some money.
Start Your Own Side Business
If you’re in full-time employment and struggling to make ends meet at the end of the month, the idea of saving for next Christmas early may be off the cards. However, if you have some free time that would otherwise be spent lounging on the sofa and watching the TV, why not put your entrepreneurial hat on and consider starting your own side business?
There are thousands of people who decide to start their own venture as a way to make extra money which will boost your income and give you cash that can be put away for Christmas. Whether you join sites like Etsy and sell your own handmade items, or you set up an eBay store and sell your old junk, there are tons of ways you can start making and saving money for next Christmas.
Play Online Games
You may not realise it, but there are tons of benefits you can gain from playing online games, such as reducing stress levels, improving multi-tasking skills, and enhancing cognitive function. If you’re the type of person that loves nothing more than to sit behind the computer screen and play games, why not make some money in the process?
You can play slots online that can see you earn huge cash prizes that can be put towards your Christmas fund. You can check this post on the best slots online that will give you an honest guide on which casinos are right for you. Online Casinos have a variety of casino reviews, helping you to find the best casino bonuses and websites to join. They also have a blog featuring dozens of casino tips that will help you perfect your craft. While there is lots of excitement to be had from playing at an online casino, make sure you stick to a set budget and never spend beyond your means. While your goal will be to make money for Christmas, the last thing you want is to blow all your earnings and have nothing to show for it.
When you cast your mind to next Christmas, you will want the festivities to be filled full of joy, happiness, and excitement. To ensure you have plenty of money behind you to buy presents, purchase food, and get the most out of the Christmas season, try and stay committed to making lifestyle changes like those listed above. While it can be difficult along the way, the money you save or make should be a huge incentive to spur you on.
While your current focus will be on getting through this Christmas, all the tips above can help you remain in control of your cash, meaning you will save money that can be put away for the festive season. Saving for next Christmas early can reduce stress levels, ensure you get everything done on time and allow you to enjoy festivities without the worry of being in debt later down the line.