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Top tips for a debt-free Christmas

Top tips for a debt-free Christmas

We all know how costly Christmas can be! It’s only a matter of weeks away and that will quickly fly by. With all the present buying and shopping for your Christmas Day cuisine and treats, the costs can mount up quicker than Santa’s expanding waistline from all the mince pies he’s been eating! Read our tips for a Christmas that doesn’t leave you drowning in debt!

Do the maths

Work out what you can afford to spend first, then divide up the cash based on must-haves and luxuries. Don’t make the mistake of shelling out in a massive Christmas shopping binge without knowing exactly what you can realistically spend and then regretting it later. Using a spreadsheet will help.

Shop early

When it comes to saving for Christmas, the key is to shop sooner rather than later. Don’t leave it all to the last minute and panic buy so you’re forced into spending more than you have to. If you haven’t already started Christmas shopping, start now! Save all your gifts in a secret place.

Small savings

You know the old saying ‘look after the pennies and the pounds will look after themselves’, try small savings here and there: make your own coffees and sandwiches for work instead of buying them in, for example. The savings will quickly add up leaving you extra cash in your pocket to spend on Christmas luxuries. More mince pies. Yum!

Send IOUs

So your kid wants an expensive new game? Print out your own voucher, letting them know it’s redeemable in the January sales. That way they know they’ll be getting it at some point, it won’t get lost amongst their mountain of other presents and it’s something nice for them to look forward to after Christmas Day. Plus, you’ll get their item at a knock-down price!

And finally …

Be brutal. Is there any need to send every friend on Facebook a luxury box of chocs? Let everyone know you’re buying for immediate family only. Remember, Christmas is just one day and it isn’t a competition. The winner is the one who ends up with cash left over.

For more budgeting advice, check out MoneySavingExpert.com and let us know your tips for saving for Christmas over on our Facebook and Twitter pages.

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