Christmas Day is just a little over two weeks away and everywhere you look there are twinkling lights, beautifully decorated Christmas trees, people rushing through the streets with overflowing shopping bags, and there is every kind of gift imaginable in the shops.
Combine that with the delicious aromas of hot food from the Christmas market and the buskers singing festive songs, and it is hard not to get into the spirit of the season of the holly and the berries.
Unfortunately as you soak up the atmosphere, it is all too easy to get carried away with your spending. Overly expensive gifts, lots of food and drinks, pricey decorations, and too many generous presents for yourself as a reward for surviving a challenging year, can all take a toll on your bank balance.
The problem with veering off budget is that while the instant hit and feelgood factor is great, you are going to have to pay the price for it later. January is usually a lean month for most people, without having to face into additional expenses.
The good news is that you can have an enjoyable Christmas with all the frills without breaking the bank or compromising on festive cheer. All that is required is a little forethought and clever budgeting.
Here are some tips to point you in the right direction:
1. Compile a list. This is the first step to stress-free and sensible shopping and applies to both grocery and gift buying. It is beneficial from a number of perspectives, it will focus your mind, ensure you do not forget anything, allow you to prioritise, and help curb overspending. Put some thought into making your list and then follow Santa's guidelines - check it twice. Your Christmas grocery list will be easy to compile and amend. Your gift shopping list will require more thought, effort, and fine tuning. Aim to be realistic and specific. There is no point buying ingredients for a lavish Christmas dinner with all the trimmings if you have very little time or inclination to be Galway's answer to Darina Allen or Donal Skehan!
2. Assign potential gift ideas and budgets to family and friends. Keep a record of this because it is easy to forget what you have bought for whom when you are busy and under time pressure. Prioritising your list will make things even simpler, buy presents firstly for your nearest and dearest. That will lessen your Christmas workload and also make you feel that you are making progress. You could also give yourself deadlines for purchasing gifts. Set aside one day during the weekend or some evening to do this. Remember, to shop in order of priority either in terms of those closest to you or the gifts that must be delivered or posted early. If purchasing clothes as gifts for people, check that you have their correct size, that you know their colour preference, and that the present will complement their lifestyle. Thoughtful, imaginative gifts are always a winner and will make someone's day.
3. Draw up a realistic budget. This advice does not just apply at Christmas but all year round. Budgeting is important because it helps you make better financial decisions, control your spending, avoid getting carried away on a wave of bargain euphoria, and stay out of debt. When you decide how much you are going to spend on grocery and gift shopping, promise yourself that you will stay within that figure (this is the hard part! ). Set a cash limit for individual gifts, such as under €10, €25, €50, or €100. When you are tempted to deviate, remind yourself of your spending limit and say "no" to that urge to splurge. If you are shopping with a partner or sensible friend, ask their advice before rushing in blindly to make an expensive purchase. Do not allow yourself to be swayed by persuasive sales assistants or well meaning friends with more money than sense.
4. Shop around. Start out early in the morning, if possible. The shops will be quiet then and the merchandise will be neatly laid out and easy to view. If you have time and energy, visit as many shops as possible. This will enable you to get a full picture of what is on offer, give you a better choice, and allow you to compare prices. You may find a substantial difference in prices for individual items in different shops. Even if the price variation is small, it is still a saving and you may be able to put the extra cash in your purse to good use.
5. Avoid impulse buying, shopping when you are under stress, tired, or hungry because these are times when you are more likely to overspend. If you tend to leave everything until the last minute and rush out on Christmas Eve to do your shopping, be aware that the sense of urgency that people have at this time leaves them open to spending too much, also. There is nothing like a looming deadline and being distracted to make us lose our tight grip on our wallets.
6. Tick off items on your To-Do list. This will help clear your head and give you a sense of achievement. Also, it will prevent you feeling overwhelmed as other tasks begin eating into your time.
7. Reduce your spend. The Covid-19 pandemic has resulted in a change in many people's spending habits. We have learned that less is more. How many pairs of shoes/suits/dresses do we really need? Is it wiser to buy one quality gift for a family rather than several small items for each individual in the household? Many of us are guilty of buying far too much food for Christmas, for example, much of which goes uneaten and has to be discarded. Maybe consider buying fewer food items this year. If you are aiming to stay within a tight budget or have a small family, a large chicken could be an alternative to turkey. Fish and duck are other options.
8. Cut your losses. If you embarked on an early pre-Christmas shopping spree and threw caution to the wind, you may be regretting the error of your ways now. Now only are your finances looking decidedly unhealthy, your hurried purchases may have lost some of their attraction. The fire-engine red top that is less than kind to your proportions, the dazzling tie for your uncle that may be just a little too distracting, and the large box of toffees that may have you knocking on your dentist's surgery door the moment he opens after Christmas. It is easy to get carried away so be kind to yourself.
9. Be sales savvy. You may have been tempted by the deluge of deals advertised for Black Friday and Cyber Monday and all the other special offers in the run-up to Christmas. However, no matter how tempting the price is and how wonderful the item appears, remember a bargain is only a bargain if you intended to buy it in the first place.
10. Give the gift of your time, help, or company. Many people have decluttered their homes during the pandemic and are only retaining what they need now. They realise that they have far too many possessions and these are only overcrowding their homes and obscuring the truly beautiful and valuable things they own. Maybe consider giving some non-material gifts, such as offering to babysit for someone, helping clear a friend's garden that requires some tender loving care, or lending a hand with a decluttering project. Vouchers are also excellent ideas, we often neglect to treat ourselves and vouchers for meals, a massage, or a beauty treatment make excellent presents.
