Just when you thought you were doing okay riding out the credit crunch, Christmas starts looming. Why is it that everything about the festive season seems to be designed to separate us from our cash? Not blowing the budget requires planning, determination…and a little imagination. Here’s how.
By Caroline Bloor
1 Make a Christmas present list. (70% of Brits don’t). Pare it down in consultation with friends and family. Consider only buying for the kids or buying one group present per adult in the family. Buy ‘family’ presents rather than individual gifts. Check your bank balance and decide on your total present giving budget. Divide this up to give you your individual present limit. Stick to it!
2 Ideally put your money for spending at Christmas into a separate account.
3 Switch to a better credit card- preferably one with 0 per cent for several months so you can pay it off before it bites. Also, if you always pay off your cards before interest becomes due, find a cash back cards that will give you money back for every pound spent www.moneysavingexpert.com’s Martin Lewis says most people earn £100 to £500 annually.
4 Trade in your loyalty card points not at the store you earned them but, to earn up to four times the value, redeem them as money off vouchers at other retailers.
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