10 Christmas money saving tips: a way to avoid a money hangover in the New Year 2019

With Christmas being an expensive time for all of us. Rajeev Sakhuja – CEO & MD of Paar Tax & Investment Consultants.  shares ten Christmas money saving tips, to induce your finances not off course for the New Year 2019.

As we have a tendency to approach the joyous season. TV adverts and newspaper inserts are encouraging us to start the same old Christmas practice of “shopping ‘til we tend to drop”. – or lately, looking till our index fingers get bored with shopping in details online.

But we tend to also start to brace ourselves for the next financial shock. once the credit card bills land on our doormats and in our email inboxes within the New Year.

Overindulging in food and drink is therefore usually matched by overdoing our spending. with the result that the primary part of the New Year turns into a damage repair exercise for our budgets.

Of course, there is a variety of stuff you can do to assist turn Christmas into a financial success instead of financial excess. Here are my top ten Christmas money saving tips:

• 1. Set a budget for your Christmas spending

  First, draw up a take into account your Christmas spending. – not simply presents, however, the extra spending on food, drink and socialization. Embed this Christmas element of your budget inside the rest of the family budget. so that you’ll be able to manage the overall impact Christmas spending has on your finances over a variety of months. Try to not allow yourself to be pressurized. – even by your kids or close family. – into spending over you’ll really afford.

• 2. Use savings wisely

  Make sure you recognize however your extra pay is going to be financed. maybe it means withdrawing funds from a bank account. within which case make sure you access the money from the account paying the least interest. this is among one of the best Christmas money saving tips.

• 3. profit “Christmas Club” accounts and loyalty cards

  You can additionally finance your spending by cashing within the balance command in a “Christmas Club” account. – built up throughout the year to spread the burden of the Christmas spend. Maybe you furthermore may have credits on your store loyalty cards. These don’t earn you any interest, thus cash them in to help finance your Christmas spending.

• 4. Pay off credit cards quickly

  If you employ a credit card, attempt to ensure that you pay off the balance fully when the bill arrives within the New Year. Generally, credit cards area unit an expensive thanks to borrowing money. – and store cards are even worse, provided that they generally have higher interest rates. If you’re taking advantage of credit card deals that supply 0.33 rates in any case transfers, confirm you know the date at that this introductory “teaser” rate comes to an end and pay off the balance before then.

• 5. Check your overdraft details

  If you’re funding your pay via a draft. confirm it’s authorised and you know the rate of interest and the other charges your bank applies to overdrafts. Don’t use an unauthorised overdraft, as this is often likely to draw in high charges. If in doubt, talk over with your bank 1st.

  
  Don’t forget to check Christmas money saving tips:

  6. go searching and look for deals

  When it involves shopping, additional good rules apply. go searching and look for deals. – this is among one of the best Christmas money saving tips. – several retailers are discounting their costs while the joyous season gets current and there are smart deals to be had. Fashion retailers have had a troublesome few months. because the warm autumn has hit spending on clothing designed for autumn and winter. – several are discounting costs to induce customers through the door. Additionally, media stories have highlighted the fierce competition between the supermarkets. providing opportunities to secure your Christmas shopping at cut-price costs.

• 7. provide vouchers to use within the sales

  Be prepared to grant shopping vouchers or credits as a region of your Christmas presents. – Christmas is usually followed by the sales amount. (with some retailers starting their sales on Boxing Day). Used when Christmas, these gifts will be ready to purchase their recipients over before Christmas. you will even need to take the bargains within the sales to prepare for next Christmas too!

• 8. Hold on to your receipts

  As ever, keep your receipts just in case presents got to be changed or refunded. – and for those things you send to your friends. place in a very gift receipt to modify them to come back the products, if needed.

• 9. Keep a running total

  Keep a detailed check on your spending. – this is among one of the best Christmas money saving tips. – perhaps by collecting the running total on your mobile phone or tablet. The bills can are available after Christmas as sure as night follows day. however, you’ll be better placed to manage them, if you recognize what the bottom line of your spend amounts to on every card.

• 10. Get your finances {on track|on target|on course|on the right track|heading within the right direction|not off course} in the New Year

  Finally, once Christmas is out of the means. you may prefer to consult your financial advisor PTIC INDIA”.

With years of practical experience, we’ll cover all of the key aspects of personal financial management, as well as budgeting. And it’ll give you the skills to manage the financial consequences of next Christmas even more effectively!

Good financial planning can assist you to enjoy not only the joyous season’s celebrations, however the New Year too. feel free to ask us!