How to Get Your Pay Rise - 4 Tips You Must Know

Although it’s September and Christmas is probably the last thing on your mind right now, perhaps you should start considering what to do about the upcoming holiday season. About 10% of Brits start planning for Christmas in July so, if anything, this post is actually a couple of months late.

Christmas can be very expensive. As a result, it’s common for many of us to start the new year with what is known as a ‘debt hangover’ – where we start the next 12 months in arrears. Fortunately, the cost of Christmas can be reduced by planning for this event early.

Here’s how you could start saving money today:

Plan your Christmas budget

First, to minimise the risk of overspending, work out how much you should spend at Christmas and keep to this budget. Whether a couple of hundred pounds or just what you can afford, don’t worry if it’s less than you were hoping. After all, Christmas is a time for family – and your loved ones wouldn’t want you to get into debt because of them.

Work out how much you need to save

Now your budget has been organised, you should identify how much needs to be saved to ensure you have money for Christmas. For example, if your budget is £500, you should ideally save around £160 per month between now and December.

This is also an opportunity to identify if your budget is reasonable. If you can’t afford to save as much as you need to make the budget work, then you should cut this target until it’s reasonable.

Shop around to get deals on gifts

Some businesses will hike up the cost of their products prior to Christmas so, to avoid falling into this trap, it’s wise to consider starting shopping early. Fortunately, many retailers are now getting rid of their summer stock to make way for the autumn and winter months.

Get those travel tickets early

Christmas involves a lot of travelling as we dash off to see friends and family members. However, if you get your tickets on the day, you could be paying much more than you’d initially intended. Potentially, this could be double or even triple more than the prices of tickets as they are now.

As a result, if you can afford it, it’s worth buying your tickets as soon as possible – you’ll save cash in the long run.

Let us help you save for Christmas

If your Christmas budget is currently £0 – and you’re struggling to see how you can afford the festivities – you may be able to cut your expenses through a debt solution.

For example, with an IVA, you could freeze interest and charges while making one affordable payment per month towards your creditors. Ultimately, you could also write off significant amounts of what you owe.

To find out if you would qualify, click the button below: