| From a financial perspective, Christmas can be an | | | | First write down all of your normal monthly |
| extremely expensive time and if we're not very | | | | outgoings such as mortgage, groceries, utility bills, |
| careful the season of good will, will put us in debt | | | | phone, TV, travel expenses, insurances, etc. and |
| for the next six months or more. Therefore, | | | | add them up. |
| managing your money becomes even more | | | | In a separate column write down all the ordinary |
| important at Christmas time since it has the | | | | money you have coming in for that month - so |
| potential to damage your financial health for most | | | | wages, any benefits (such as child benefit or tax |
| of the coming year. (You're not still paying for last | | | | credits), rent from lodgers, any money you have |
| Christmas are you?) | | | | saved for Christmas etc. Do this for the months |
| Everyone Wants Your Cash | | | | November, December and January and promise |
| There's just so much stuff to pay out for and it's | | | | yourself that you will not be paying for Christmas |
| not just gifts! From decorations, luxury food and | | | | after January! |
| cards to new clothes, travel expenses and work | | | | Being Off Work Saves You Money |
| parties, much of which we don't budget for. We're | | | | Now comes the important bit: add to your |
| expected to buy presents at great expense for | | | | incoming column any Christmas bonuses you will |
| all of our nearest and dearest, leave tips for the | | | | receive and any savings you might make because |
| dustmen, postman and window cleaner and have | | | | you are not at work (yes it's often cheaper to be |
| a good stash of booze in the drinks cabinet for | | | | at home than at work!). Because you are off for |
| any passing visitors - it just seems never ending! | | | | a week or two, you might well be saving on |
| So what can you do to limit the financial damage | | | | travel expenses and parking fees. You might also |
| that Christmas can have on your bank balance? | | | | save on paying out for lunches and coffees every |
| Managing your money at Christmas requires two | | | | day. Add all these savings to your income for the |
| main things: | | | | month(s); subtract the figure for your income |
| 1. A small amount of time | | | | from your outgoings and voila - this is what you |
| 2. Work with the budget you have (not the one | | | | have to spend. Take a bit from January if you |
| you wish you had!) | | | | must, but make a commitment to pay that off in |
| Budgeting for Christmas Money Management | | | | January! |
| The very first thing to do is create a budget | | | | Managing your money at Christmas does take a |
| sheet to find out what you can actually afford to | | | | little thought and effort, but by using just one |
| spend and stick with it! It should take you no | | | | hour wisely you can save yourself a lot of money |
| more than an hour to sit down and work out | | | | and a lot of financial pressure in the new year. |
| what money you have available for Christmas. | | | | |