It’s Never Too Early to have an 8 Week Christmas Spending Plan

According to annual bank surveys, the average Brit plans to spend around £1,800 on food, entertainment, gifting, travel and related expenses over Christmas holidays. If your good senses and budget calls for less, you can easily reduce it without reducing the fun.

The New Year

Something you will find very useful is to keep the previous year’s budget and plan. You will be able to gauge what you did right and where you went wrong. This year start saving for your holidays as soon as you get your first pay and open an ISA specifically for Christmas holidays. You will have more funds while to your previous year’s budget.

This is an 8-week Christmas sending plan to increase spirits without breaking the bank.

Eight weeks before

• Discuss a holiday plan with friends and family and establish a reasonable plan that is financially practical for everyone involved. It might be time to start a new tradition as well.
• When you start now it gives you more time to think of creative ideas avoiding the great expense attached to gift buying. Consider options that take longer but saves you money such as personalisation and creating your own gifts.

Seven weeks before

• Check the calendar and finances. Decide how much time you have to devote to festivities along with what you can afford financially.
• Write down your goals for the holidays and decide what is most important before the hustle and bustle start so that you can plan with a clear head and stick to the plan when the time comes.
• Nail down your budget that includes office party expenses, hostess gifts, taxis, babysitters, entertainment, travel, decorations, festivities and gifts.

Six weeks before

• If your budget looks lean, look for alternative ways to earn
• Decide what decorations can be reused
• Set up your gift list so that you can adapt it if your budget appears tight. Print the gift shopping list.
• Look for accommodation and travel deals. Consider buying non-perishable foods to keep in your hotel room or look for affordable self-catering accommodation if you cannot stay with friends or family.

Five weeks before

• Cross off anything you do not need to buy simply because you made another plan
• Look out for non-perishable food sales that you can store for later or that you can freeze as well.

Four weeks before

• Choose an off-peak time for shopping and do not shop when you feel stressed or you might impulse shop
• Keep tally of what you have spent and remain on track and tick off what is done
• Avoid buying on credit

Three weeks before

• Check the clothing for the holidays and start packing
• If you are travelling by car, make sure everything is checked and the car serviced
• Check what you have spent so far and update your budget

Two weeks before

• Complete your decorations and involve the whole family
• Wrap all the gifts

One week before

• Complete your grocery shopping and finalise your meal plan
• Update your calendar and that you got everything under control

Then enjoy your week of the Holidays!