How to Budget for Christmas 2020
Christmas is an expensive time of year, and it’s important to pre-plan your spending in advance as much as you can. From deciding the budget for gifts, food and decoration. To deciding who isn’t getting a Christmas present this year.
Does your dog really need five Christmas tree presents? Or would one do? Just saying…
Here are my top tips for how to budget for Christmas 2020.
Write a Christmas Card list
Before you go out and splash out on 10 sets of Christmas Cards, write a Christmas Card list. Do you have the addresses of every person you’re planning on sending out Christmas cards to – thinking about colleagues in particular here. In 2020, we’re less likely to be travelling to see friends, families and colleagues so consider this when buying your Christmas cards. Would a text, social media message or email do? Probably. Also, consider the cost of postage stamps when sending out 50 or more Christmas cards!
Budget for each persons present
I have a general rule of thumb that close family members (parents, siblings and children) get £20 spent on them each. I’m not a parent, but if I had a child I’d likely go all out and splash the cash – in which case, I would recommend you buy presents throughout the year and not just in the month of December. But I’m a bit late on that front. For friends I spend a maximum of £10. And for other relations, acquaintances I would usually stick to the basics of chocolate, wine or a gift-set. But since I’m not seeing as many acquaintances this year… I’m afraid the latter is not going to happen.
Shop around the supermarkets for the best deal
Just because you shop in Tesco’s normally doesn’t mean that they’re the best place to shop for your Christmas groceries. Check out Lidl’s, Aldi’s, Iceland and more for the simpler things like frozen pigs in blankets, gravy and even vegetables. For your meat I recommend going to a butcher – better cut and usually for a better price. With more awareness you’ll find the best deals!
Thrift and consider secondhand
Just because a present is a present, that doesn’t mean it needs to be new. A thrifted item from a vintage fair, charity shop or antiques market can be just as valuable to someone as a brand new item from John Lewis for five times the price.
Do you really need the extras
When budgeting think about the extras that we do at Christmas, from tags to wrapping. Do we actually need these things? They cost money but their purpose is to be ripped up and thrown away. What’s the point of spending £20 to £40 on that? I’m not bothering.
What are your best money-saving tips? Let me know in the comments below. It’s always an expensive time of year, and we all over-spend. But budgeting can help, big-time.