Black Friday is just the start of it
Whisper it quietly, but Christmas is almost here. Black Friday, which is on the 25 November is the start of the excessive Christmas spending period. Will this year be different in your home? The cost of Christmas can be a real strain, and with everything else more expensive this year, you risk bursting your bank! But by doing some planning you can take the stresses out of your festive finances this year.
Make a list
Before you even look on Black Friday at what’s on sale, make a list and budget for the people you are buying for, this should be an upper spending limit, not a target. Black Friday can offer some great deals, but it’s only a deal if you want to buy it.
It’s only a day
Every year we’re bombarded by months of adverts and promotions in the shops and online. Amid the madness, remember: Christmas is just one day out of 365. Don’t spoil 2023 by starting out in debt for the sake of 24 hours!
You should only ever borrow to buy assets, not create liabilities. It’s tempting to put everything on credit cards and think, “I’ll worry about that when the bill comes.” With a little forethought, you can avoid the dread of checking your statements in the new year.
Don’t use your credit cards to buy things you don’t really want, to impress people you don’t really like – that’s insanity!
Budget ahead
By thinking ahead you can go a long way to enjoying your festivities without the January financial blues. This is a great time of year to get financially organised using my Bank Account System – you can find full details in my book The Money Plan or on my site warrenshute.com
This is a system that automates your money as much as possible, taking emotion out of everyday financial decisions and giving you control over your Christmas spending and beyond.
This system gives you boundaries that stop you overstretching: if you can’t afford something, save a little of your WAM each week until you can. The bank account system works for everyone from those on low incomes through to very high-net worth individuals, and it will work for you too.
Boost your income
These days it’s incredibly easy to sell things you no longer want or need. Whether through eBay and Facebook, or through the many apps that require little more than a photo on your phone, there are plenty of ways to cash in on unwanted gifts from years past!
Now is the best time of year to sell all your unwanted items to others planning their Christmas purchases.
These sites can also be great for finding a bargain, so you can kill two birds with one stone here when it comes to your shopping.
Enjoy Christmas, get a bargain on Black Friday, but don’t let it spoil 2023.
