Christmas is designed to be a time of celebration and togetherness. But it can also be one of the toughest times of the year when it comes to keeping your finances in check.
If you are feeling the pinch this year, know that you’re by no means alone. That said, some simple tips can help you to make the most of your available income, plus avoid any unnecessary spending.
Here are our top tips on keeping your finances in check this Christmas from the Fair For You team.
Work Out A Budget That’s Unique To December
It’s difficult to save money or avoid overspending if you don’t know how much you have to work with. Every month of the year will have different cost pressures, which is why your budget should be unique to each month.
For December, look at any expected incoming payments such as wages, benefits and any other sources of income you have.
Once you have a total figure (along with the expected payment dates) you can then work out what you can afford to spend. Consider not just the cost of Christmas itself, but also the need to feed and entertain the kids over the Christmas holidays, or any other expenses which may apply to your circumstances.
Although budgeting might not seem like a fun task at the time, compared to starting January with even less in the bank you’ll be so glad you took the time to do it. Plus, it will lessen the stress of Christmas if you know what your spending limits are.
Check Your Bank Statement For Unnecessary Subscriptions Or Spending Habits
It’s so easy to keep subscriptions running every month without even noticing them. Likewise, to spend money on things you don’t need.
Taking the time to check your bank balance every day, including looking at your overall spending habits can help show you if any savings can be made. While checking your bank balance is similar to budgeting, it’s actually about avoiding any stressful surprises by keeping up to speed with how much money you have in real time.
Start with your direct debits to look at what’s going out each month. Beyond the essentials such as rent or energy bills, are there any non-essential subscriptions you could do without?
There are also open banking apps which can be used to break down your spending into categories. Many can give you a picture of your spending over a set time frame such as a month or year, and can also outline any costs which could be reduced.
Don’t Give In To Retail Pressure
In the run-up to Christmas especially, retailers everywhere try to tempt you to spend the maximum amount of cash. There are TV adverts, social media adverts, email campaigns as well as endless in-store promotions.
The harsh reality is that retailers are there to make money. So while it’s definitely not the case you can’t spend any money - do be aware of the endless promotions trying to get your cash.
Remember, if you don’t have a genuine need for the item then in the long run, that money is better kept in your pocket.
Use Fair For You To Help Afford The Essentials
There couldn’t be a worse time for the fridge to break than over Christmas. Whether you need appliances for your home, or even need to buy presents such as haircare or toys then Fair for You may be able to help.
Fair For You helps those on a low income to afford the goods they need on a flexible repayment system. Before offering you a loan on an item, we’ll check with you to see what you can afford to pay back. That’s because we’re on your side.
Visit our how our loans work page to learn more. Compared with going directly to a retailer, or using other credit-based systems, we could help make it easier to afford the things you need.
Fair For You - Afford The Things You Need For Less
We hope you’ve found the above tips useful, and will also check out our other blog posts to find even more money saving tips.
Fair For You is regulated by the FCA authority, and you can also see our independent customer reviews on Trustpilot. So if you need some extra help this festive season or at any other time of the year, we may be able to help you.
Browse all products to get started and discover our product ranges which we offer on our flexible repayment system.