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Although we all love the joyous bazaars, parties, and gifts that come with the festive season, the rising costs can be burdensome.
We caught up with financial planner Zoe Brett eq investorWho have shared their top tips on how to save some much-needed money this Christmas so you can enjoy all the festive cheer stress-free…
plan ahead
“Planning early on for all of your Christmas expenses – such as travel, food, gifts, socializing, etc. – will help you set a realistic goal for yourself,” says Brett. “When you can look ahead, you’ll be able to see if it’s starting to seem a little more expensive and know if you need to cut back on some things.”
However, if you plan and buy everything at the last minute, you will have no control over the costs.
“As it gets closer to Christmas, prices start to go up because everything becomes rarer and rarer, so people can charge more for them,” says Brett.
Set a Budget for Gifts
“List all the people you plan to bring gifts for and set a budget for how much you want to spend per person,” advises Brett. “There’s a real temptation to buy extra gifts when you see something beautiful in a shop, but you have to be hard on yourself and not fall into yet another gift territory.”
The financial planner also recommends being open and honest about your finances with your loved ones.
“Be realistic with your friends and family about what you’re going to spend around Christmas,” recommends Brett. “There’s absolutely no shame in saying to someone, I want to spend X amount of money. They wouldn’t want you to feel stressed about a gift.”
take advantage of sales
“In the lead up to Christmas, take advantage of all the Cyber Monday and Black Friday sales to help keep the cost of gifts down,” advises Brett. “Remember to still stick to your budget so you don’t overspend during the sale.”
Buy an Artificial Tree and Reuse Decorations
Avoid the temptation to buy a new Christmas tree and decorations every year.
“Buy an artificial Christmas tree that you can bring out every year, and don’t feel like you have to renew your decorations every Christmas,” says Brett. “Try to buy only evergreen and classic decorations that are of good quality so that they do not break in one-time use and can be reused every year.
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“Put them in storage, somewhere dry, so they stay in good condition and then they’ll last you for years to come.”
Ask visitors to bring something
“If you’re hosting and have other family members coming over, why not ask if everyone can bring something,” suggests Brett. “Maybe you provide the main meal and then someone else brings dessert and someone else brings wine.”
use freezer
Brett recommends, “If you see something food-related on sale in the months before Christmas, and you know you want it for Christmas, just buy it and put it in the freezer.”
Spend less on non-luxury foods“Buy your luxury items strategically,” advises Brett. “There are some things you might want to spend a little more money on, but there are still things where the budget option is no different than the luxury choice, like vegetables and sauces, for example.”Find Affordable Activities
“Be honest with your friends and your family about what you can do and always suggest some indoor events instead of going out,” suggests Brett. “If you want to go out to eat, look at the menu first and see if the place is within your budget, or if there’s a cheaper option that everyone will be happy with.”
Book train tickets in advance“If you know you’re going to be traveling over the Christmas period, getting train tickets early can help you save some money,” says Brett.
Look for gifts in charity shops
“You can find some really good quality things in charity shops,” says Brett. “I’m a big proponent of shopping in charity shops because it’s better for the environment, the money goes to a charitable purpose, and you get to choose something cheaper. It’s the ultimate trifecta.”