It’s officially 100 days to Christmas and whilst I know a lot of you will hate hearing me talk about the festive season already, now is the time to get organised and plan where your money is going to go.
So with only two or three paydays left before the big day, here are my top tips to spread that cash.
Decide on a budget
This is not about restricting yourself or having to go without just so you can afford a lavish Christmas. But if you decide now how much you’re willing to spend (or base it on how much you’ve spent in the past) then you can divide up what’s leftover after each payday and know how much you need to set aside.
Start buying little bits now with your regular weekly grocery shopping
It’s not just the Christmas dinner that adds up the cost of Christmas though. It’s all the other little bits you don’t notice you’re spending money on like the extra box of biscuits, mince pies and other treats. So if you decide for yourself to add on a few of these bits every week, just pop them into your trolley. By the time Christmas comes around your cupboards will be all stocked up and your freezer, filled ready to go.
Buy a frozen Christmas dinner
I don’t mean a ready meal! But instead of buying fresh veg for your Christmas dinner, checkout the frozen food aisles. When you’re doing your regular shop, just add in your basket those frozen parsnips and carrots (for rudolph.) Even your roast potatoes and gravy could be bought now and frozen in time to defrost for Christmas.
Stash the cash
If you’re a bit of a spender, this is definitely a great method for making sure you stick to your Christmas budget. Cash envelopes are physical envelopes (use a standard envelope or buy some fancy ones here) and write on the front exactly what it is you’re saving up for. Have one for cards and wrapping, another for gifts for the kids and even one for the Christmas office party.
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C A S H It is payday so we’re filling up our cash envelopes for the month ahead ?? I had to change my phone last month but it’s meant I a fresh start with my apps and I’ve chosen not to add mobile payment to it for now ? Having reviewed my spending I realised that those payments were stacking up so I’m now cash only (where possible). Sticking to a budget this month is going to be so much easier which means more money is the savings pot ? #cashenvelopesystem #cashenvelopes #debtfreecommunity #debtfree #debtfreejourney #livewithless #financialfreedom #financialhealth #financialpeace #savemoney #debtfreedreams #liveonabudget #livebeneathyourmeans #lessismore #debtfreedom #cash #budgeting #daveramsey #debtfreeliving #cashisking #paycash #totalmoneymakeover #takingcontrol #financialgoals #fire #firecommunity #ukmoneybloggers #selfcare #familyfinances #stationery
By creating that physical barrier between you and your money, you’re less likely to spend it. This means when the office Christmas party comes around, you’re not going to feel guilty spending the cash on something fun for you. You’ve already, separately budgeted for the kid’s presents so no parent guilt here!
Use tech to save money
Of course, this year hasn’t turned out that cash friendly. However, you can recreate this envelope method via your banking apps instead. By using digital cash pots, you can name them in exactly the same way as you would label your cash envelope. Just transfer money across for each separate pot of savings, even if its just a few pence. You can then see your digital money pots grow as you save and can clearly see how far you are from your savings target.