The holidays are a time to relax with loved ones, enjoy the festive cheer, soak up the summer sun and welcome in a new year. But it can also be a financial minefield if youβre not careful.
To help you start the New Year on solid ground, here are my top tips for managing your finances these holidays:
- Pay Your Bills in Advance
Ease into January with less stress by covering your essential bills before the holidays. Whether itβs utilities, insurance, or loan repayments , paying ahead ensures you start the New Year on more stable footing. - Set a Christmas Budget (And Stick To It)
Decide how much you can spend and stick to it! Set limits for gifts, food, trips and other holiday expenses. Staying within your means will keep the festive cheer alive without a financial hangover. - Search for Free Activities
Explore free events in your local area. Thereβs plenty happening to get you and the family out without having to spend a fortune.
Top Tip: A lot of events are advertised on Facebook. Pack a picnic to avoid paying for food! - Carry Water Bottles
Itβs amazing how often βIβm thirsty!β turns into an unplanned expense. Avoid unnecessary spending on drinks by keeping water bottles on hand, especially if you’re out with the kids. - Avoid Buy Now, Pay Later and Credit Cards
Your family would much prefer your financial well being over extravagant gifts. As tempting as this may seem, these options lead to debt that will put strain on December and Januaryβs budget, cause stress and takes months to clear.
Stick to what you can afford now. - Give Experiences Instead of Gifts
Instead of material gifts, give your family and friends experiences like outings, movie nights, or tickets to events. These will create lasting memories and double as holiday activities to keep everyone busy (and they are still unwrapping something). - Set Expectations Early
If finances are tight, have an honest conservation with family and friends.
You can agree on spending limits, draw names for Secret Santa, or make handmade presents β itβs thought and time that counts.
Bonus Tip:
One of the best gifts you can give this Christmas is your undivided attention. Put your phone down and make the most of simple moments β Grab a ball, go for a walk, watch a Christmas movie, build a hut!
Christmas doesnβt have to come with a big price tag. With planning, you can enjoy a festive season filled with love, laughter, and memories β without the financial stress.
