The holiday season is very nearly upon us, bringing with it the promise of joy, celebration, and cherished moments with loved ones, but let's not forget that this magical time of year can also be a pricey one. At Cherry Godfrey, we understand the importance of maintaining your financial well-being while enjoying the festivities. So, let's dive into some budgeting tips and hacks to make your holiday season merry and bright.
There is no avoiding the fact that the economy continues to face challenging times and that rising interest rates can affect your holiday budget. But before you cry “Bah! Humbug!” and write the season off before it has even begun, consider these simple workarounds that could help to end a tricky year off on a high.
Making a list and checking it twice
Santa isn't the only one who needs a list! Creating a detailed list of holiday expenses, from gifts to decorations and festive feasts, will keep you on track. You'll know exactly where your money is going and can avoid the pitfalls of overspending, since in the whirlwind of holiday shopping, it's so easy to get swept away by last-minute deals and discounts. Stick to your list and avoid impulse purchases that can quickly add up.
Be honest with yourself about what you can comfortably afford and do your best to stick to what you’ve outlined. If you need a bit more of a helping hand staying on track, make the most of mobile apps, spreadsheets, or budgeting software to track your expenses. Regularly reviewing your budget will help you stay on course.
Baby, it’s cold outside
The run-up to Christmas, before family and guests descends, presents a good opportunity to look at the energy efficiency in your home. Start by sealing any drafts: check your doors and windows and use weatherstripping to seal them. This will help keep your home warmer and reduce heating costs. You can double down on this by setting your thermostat to a comfortable but slightly lower temperature: each degree lower can save on heating costs. If you have the resources, you may also want to invest in timers for your heating system or app-controlled thermostats. This is a nifty way to ensure your home is warm when needed and that you save energy when you're not at home or tucked up under your cosy duvet over-night.
Get creative!
It may be a bit of a cliché, but it really is the thought that counts. Consider giving personalized or handmade gifts to your loved ones. It's not just a budget-friendly option; it also adds a unique, heartfelt touch to your presents. Another fun idea to consider is a “skill-swap:” are you a dab hand with a drill and know that your pal always puts off the DIY? Got some friends with a new baby that would appreciate a lie-in? Think outside the (present) box and make some great savings!
It's also worth remembering that not every holiday celebration needs to break the bank. Plan budget-friendly activities like decorating cookies, rewatching classic Christmas films, or taking a winter stroll to enjoy the twinkling lights in your neighbourhood.
A Happy New Year
Lastly, remember that the new year is just around the corner, so start 2024 on a strong financial footing by staying true to your budget. At Cherry Godfrey, we're here to make the holiday season not only enjoyable but also financially stress-free. If you have any questions about budgeting, interest rates, or need to discuss options relating to personal finance, don't hesitate to reach out to us.
Request a call-back today and don’t forget to have yourself a Merry Little Christmas
