You should consider running your Christmas like a business. I don’t mean you need to fire Grandpa for falling asleep after dinner, but instead, keep a tight watch on the spending.
And the best way to manage the Christmas finances is to plan, and in order to do this successfully, you need to start early.
The more planning you do the more money you can save. Much like a business would, you should ensure you have everything planned with military precision. That way you are left without costly last-minute surprises.
And the more time you have to plan, the more creative with your spending you can be. You could even start thinking about making some gifts yourself, experimenting in the kitchen, or even getting your gift wrap and crackers the year before.
Did you know gift wrap and crackers are usually 75% less than retail price just a few days after Christmas day?
Save the Year Before
If you really want to have a positive impact on your finances start setting aside money for Christmas the day after. And yes I mean the day after Christmas for the following year. A little saved often is far less impactful both on a physiological and practical level.
It also means that you can afford some treats over the festive period. It is all well and good living frugally, but everyone needs to let their hair down with a drink and something nice to nibble on once in awhile.
Set aside a few dollars each week over the course of 50 weeks building up to Christmas. Even saving just $10 a week will give you a nice $500 package for the holidays.
When you’re thinking about Christmas gift ideas you should make sure what you are buying is not too expensive. Don’t get carried away and try to think outside the box.
Practical gifts are often way more affordable.
And let’s be honest, far more useful in the long term.
You don’t necessarily need to buy socks and pencils, but something that is useful will be much better and definitely worth the money you do have to spend.