People need to avoid turning to personal loans and other forms of credit as a means of funding Christmas, Dave Penny, managing director at Invest Southwest, has noted.
Putting money away into savings accounts throughout the year is a good way of budgeting, but for those who haven't done this, setting a realistic spending plan is essential.
Mr Penny continued: "Set aside a quiet hour, write down all non-negotiable expenses and all income over the period, and see if there is a surplus.
"Allocate optional spending to this surplus, including presents and parties."
Another suggestion from the expert is to have a Secret Santa with family and friends who will be exchanging gifts, as this will help reduce spending while also cutting down on the amount of unwanted items that are purchased.
Foregoing Christmas cards is also a good idea, as the money can instead be donated to charity. |
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