Christmas financial advice

Christmas Budget Tips

The Christmas countdown has begun and we have some great Christmas financial advice for you.

With only a few weeks left until Santa arrives, you might be asking yourself… How will I pay for it all? Don’t worry, there is still plenty of time to figure out your Christmas budgeting and avoid making any unnecessary purchases.

Write down the expected areas of spending during the Christmas period. This will help you get an idea of what your expenses will be. You may get a shock, but by writing down alone, you will already get into a saving frame of mind. The general areas of spending usually include:

Christmas Parties On A Budget

We all like to look our best for the annual Christmas Party, however, it really doesn’t need to break the bank! Consider buying pre loved clothing or even renting a special outfit for the event.

Websites such as Happy-Days and Designer Room offer glamourous outfits for hire. Why not jazz up an old outfit with a great belt or new shoes or look at second hand clothing. You can also borrow that dress you had your eyes on from a friend or a co-worker. Sharing is caring after all.

Budgeting for Christmas – Going Out With Friends and Family

Determine exactly how much you are going to spend over the course of the Christmas period.

Christmas is all about the festive joy, family and friends coming home from abroad. It is easy to get carried away with treating yourself. This can burn a hole in your pocket, as well as up the scales.

Try to meet friends for lunch instead of dinner, or even better a festive latte. Family occasions don’t have to go overboard – most people are happy to save a little over this expensive period so why not plan a family dinner with each person bringing a dish or tipple to contribute.

It’s hard not to get into the Christmas spending spirit, but by making a budget, you can encourage yourself to stay on track and within your means.

Plan Your Food Shopping List Budget

A good budget plan for a shopping list has essentials at the top, and then a few treats added to the bottom of the list.

Yes, it can be tempting to want to buy all the delicious looking starters and tins of biscuits in the shop but by planning and budgeting both your wallet and your waistline will thank you!

Other ways to save money for Christmas is to consider using coupons and discounts. It may sound like a dated piece of advice to give, but you would be surprised of the deals you may get by simply using a club card. The supermarkets have great discounts and money off vouchers usually using a handy app – Download them in advance so you’re good to go!

Did you know that by taking just one item off your shopping list could save you up to €800 a year according to Magnet Kitchens.

Avoid Over Purchasing and Creating Unnecessary Waste at Christmas

According to Too Good To Go App, the world’s #1 anti-food waste app, a quarter of Irish residents anticipate their households will generate at least a whopping 50% more food waste this Christmas compared to the rest of the year.

The report also found that bread is the most wasted food over the holidays. This was followed closely by vegetable dishes (28%) and fruit (25%).

By planning ahead and staying within your budget you’re less likely to create unnecessary waste.

Christmas Presents On A Budget

Can you create or make something yourself to gift? Perhaps you have a hobby or skill that can be applied to create a unique gift? Baking treats, Infused cooking oils, infused beverages, or even a voucher to babysit /pet sit for friends or family who have kids or pets make great gifts.

Kris Kringle is a cost efficient way to buy presents for workplaces or even friend groups. Make a list and put a budget of say €20 for each present (but please try to buy something they will use – perhaps from a local craftsperson). Only buy for people you really must.

Shopping online allows you to compare prices and visit deals websites to find the best affordable gift options.

When online shopping use site filter ability to compare and sort product from lowest value to highest value. Don’t forget pre-loved sites where you can get reduced electronics and any other items for much better value.

Shopping At The Sales After Christmas

It is easy to get carried away. If you have time before Christmas to declutter, it can be a great opportunity to make stock of what you have. Give away to Charity, it is that time of the year. Then make a list of what you really need at the sales. If you see all your 40 pairs of heels lined up in front of you, it is much easier not to buy another pair of them.

Book A Financial Review

We hope the above Christmas financial advice will help you avoid overspending not just at Christmas but throughout the year.

Remember, YOU have the ability to control your financial future. We can help point you in the right direction – why not book a financial review?

Please feel free to contact us today for financial advice.

What Does the Financial Planning Review Cover?

We review all your pensions and calculate what your retirement income will look like. Based on that analysis, we can recommend a course of action so you can maximise your benefits. Very few employees we talk to have entered full-time employment from day one and stayed with the same employer for their whole working life. Employees call us worried about old pensions, career breaks, job sharing, working abroad, etc. Things are never straightforward until we produce your free report. This is a fantastic no obligation review of your financial wellbeing.

We find that often employees do not fully understand all the fields on their payslip. This can lead to problems, such as not being on the right salary scale point for public sector employees, or not using all your tax breaks correctly.

Whether you need to protect you family’s future, mortgage or plan for inheritance taxes, it is key to have the right insurance policy for your needs. Furthermore, as part of the report, we will search the market for the best prices out there.

If you have more than 3-6 months pay in your bank account (your emergency fund), you are faced with questions how to use your money wisely. Should you increase your pension contributions, open a savings account for your children’s education, invest in bonds, etc.? The MadeSimple report makes these questions much easier to answer taking into account your tax position and financial objectives.

Step 1

You – Complete a short online application form

Step 2

We – Generate your personal report that outlines your current benefits.

Step 3

Together – We schedule a review online (we use Zoom, or a platform you may suggest) or over the phone to discuss what options are available to you.

After we complete the review, many employees are delighted to have their options regarding pension planning, salary protection, life protection, savings and investments explained to them so clearly. Not only that, but we can also set up policies for you all online in a very fast and efficient manner. 

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