Accounting and Tax Blog

FESTIVE SEASON BUDGETS: TOP 5 TIPS

  Gavin Bacon   Nov 20, 2015   Professional Accounting Advice   0 Comment

The festive season is the perfect reason to indulge in things you wouldn’t normally, what better time of year to do so? Well, we are here to help you with your festive season budgets and have identified our top 5 tips to budgeting over this fun-filled, merry time of year.

  • DECIDE ON YOUR BUDGET!
  • Prepare in advance
  • Make lists
  • Combine gifts
  • Research beforehand

The first step in keeping a controlled budget that doesn’t throw you into a whirlwind of stress and debt, is to decide on a budget as early as possible. Whether it be in January of that year or October, deciding on a set festive season budget that accounts for presents, holidays, décor, lunch and so forth is a step in the right direction.

By doing so, you are giving yourself enough time to strategically plan where your money is going so that you are not wasting it and this also gives you room to play should you come across an unexpected expense.

Being prepared in advance is not easy, but if done correctly can make the world of difference to your festive season experiences. For example, try to get your Christmas shopping done early to save the rush at the end of the year all the while saving you time and MONEY! It is quite obvious that spreading your expenses out over a long period of time, such as a year, is much better than throwing them all together into one big sum… be strategic.

Make friends with lists.

Writing lists of each person you need to buy a present for with the amount you are willing to spend next to their names; or a list of the groceries you may need for family lunch with the estimated prices or total along with it is a great way to ensure you stay within budget and enjoy the festive season within your means.

We realise there may be times where you need to make slight adjustments to your budget and that is okay! If you really are stuck in a rut, tweaking your budget temporarily is allowed, everyone experiences unforeseen expenses like home repairs or medical bills which may mean you need to cancel a family lunch or put another savings goal on hold for a short while.

Smiling woman with christmas gifts

Alongside this, combining on gifts can also free up some money in your budget for unforeseen expenses as well as assist you in sticking to budget and living within your means over the festive
season.

For example, instead of buying individual presents for different members of your family or for your parents, you and your siblings can put money together and purchase one nice gift for both your parents such as a high-speed blender for their kitchen or maybe it’s a new set of knives that they’ve been eyeing out. If you have kids, combine gifts by purchasing a set of building blocks, story books or colouring sets for the both of them to utilise in their play room… catch our drift?

Apart from the above-mentioned tips, doing your research when it comes to gifts or necessities is a great way of saving a few bucks here and there. For example, if you have found a great appliance that you are thinking of buying, shop around a bit on prices and compare varying stores before making a decision on purchase. This can save you a lot of extra money if you just look carefully.

All a bit overwhelming? Not to fear, that is where we come in. As a professional accounting and tax consultancy, DATC are here to help you with any accounting and tax matters. Please contact DATC today and we will be sure to assist you in any way possible.

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