Good tidings we bring: How to avoid a financial hangover this Christmas

Blog

Christmas time is when we spend quality time with those who matter most. We do this by giving meaningful presents and celebrating the end of the year. However, it’s also a time where we find ourselves spending more than just time, but a lot of money. Yep, there’s more than one type of hangover occurring over the silly season!

How can we keep our spending in check come the holiday season?

Read on to find out more about how to avoid a financial hangover this Christmas.

Stick to your Christmas budget

How much can you afford to spend on Christmas this year?

A comprehensive budget will show how much money you can allocate for all things Christmas, from the gifts, to the ham, to the Christmas tree and decorations.

It’s important to understand if you have a certain amount in your everyday spending, that not all of it has to go, or should go on Christmas. Keep some money untouched for emergencies, so you have something left after Christmas.

Business cashflow is notoriously low around Christmas, so as an individual or family, it’s more essential than ever to be smart with your money. A budget will allocate your finances. Now, to another list.

Make a list (and check it twice)

Similar to your Christmas budget, writing a detailed list of ‘what’s what’ will keep you accountable for your money in the festive season.

So, for your who, what and where’s of Christmas – jot down:

  • Who am I buying gifts for?
  • What gifts am I buying them?
  • Where am I going for Christmas?
  • What do I bring/provide?

A detailed Christmas list will ease the monetary headache of post-Christmas blues.

When it’s time to brave the shops for Christmas, be equipped with your complete Christmas list, budget and smart spending habits.

Bye, bye impulse buys

Don’t be naughty this silly season – be nice!

Christmas impulse buying, or impulse buying all year round is a one-way ticket to financial hangovers. Simply stated, if a gift, food item, decoration or something else isn’t on your Christmas budget or preparations list – don’t buy it.

It’s understandable that come Christmas time, it’s very easy to be caught up in the frenzy of Christmas shopping. Stepping one foot into your local shopping centre in December will vouch for the frenzy of Christmas shopping, as does the expertly timed annual Black Friday and Cyber Monday sales.

Remember even if it’s on sale – you still have to pay for it.

If impulse buying is something you struggle with throughout the year, professional Gold Coast accounting services may help you in your journey towards financial success.

Christmas is a time to celebrate, reflect and enjoy the company of friends and family. The new year (and decade) is just around the corner and there’s plenty of gift-giving to do and social occasions to attend.

However, a good time doesn’t have to be an expensive time. With budgeting, financial forecasting and smart spending habits, you can enjoy your Christmas without the financial hangover.

Want to know more about managing your money? Contact your Gold Coast Accountant, Crest Accountants today for trusted financial solutions.

Share this great article
Badge White.png

Signup to our newsletter to receive recent news and updates.

Badge White
Complete the simple enquiry form and one of our experts will get back to you within 24 hours.

Share This

Select your desired option below to share a direct link to this page