October is just around the corner which means, before we know it, Christmas will be here.
But whilst it’s always been the most expensive time of the year, the ongoing cost of living crisis has put further pressure on people’s finances and millions are worried their finances just won’t stretch far enough this year.
In this article, we’ll let you know what you can do to get yourself and your finances in order ahead of the big day.
1. Create a budget
Budgeting is an essential tool for anyone that wants to keep track of their expenses and spend within their means and it can be especially helpful at this time of the year when it feels like all you do is spend, spend, spend.
It can help you put a cap on how much you’re willing to spend and prevent you from spending more than you can comfortably afford which, without a budget, can happen without you even realising and, when you do, it’s often too late to do anything about it.
So, whether you failed to budget last year or just want to be as prepared as you possibly can this year, it’s never too early to create a budget and set yourself up for success.
2. Buy gifts as you go
The biggest strain on your finances at this time of year will, more than likely, be buying gifts for your friends and family.
However, buying gifts as you go can be a great way to spread the cost and prevent you from having to do the bulk of your shopping with the same pay packet which can lead to serious financial problems and, in some cases, debt.
With most shops introducing their festive stock as soon as summer is over and some items available online year-round, you can make substantial savings and beat the crowds before the busiest shopping season of the year gets underway.
3. Look for deals
Christmas has always been the busiest time of the year for the retail industry but by getting a head-start, you can give yourself plenty of time to shop around for the best deals.
This could mean switching to a budget supermarket or scouring the shops for sales and, when done right, can see you slash the price of your shopping list.
The internet can also be a great place to look for free items, events and giveaways in your local area which can help you bag a bargain from the comfort of your own home and free up more money to tide you over until the new year.
4. Sell unwanted items
How long has it been since you decluttered your home? Selling unwanted items can help you get rid of belongings you no longer want or need and earn some extra cash to go towards last-minute gifts for your friends and family.
This can give your unwanted items a brand-new lease of life and, more importantly, help someone in a similar position bag a bargain when prices are at an all-time high.
The new year can also be a great time to buy items from online marketplaces with this typically when people flock to apps like Depop, Vinted and eBay to flog their unwanted, and often untouched, gifts for a fraction of the original retail price.
5. Think ahead to next year
Whether you’ve been surprised at how much you’ve been able to save this year or just didn’t start as early as you would have liked, thinking ahead to next year can help you prepare for whatever the next 12 months might have in store for you.
This could be putting some money aside, creating a budget or scouring the sales with anything you do now helping you ease the financial strain and lower your stress levels ahead of, what should be, the most joyous time of the year.
This can also help you free up more time to spend with your loved ones and live in the moment without worrying about the financial side of things.
