Christmas is the most sacred and special time of the year for millions of us. It’s a time for family and friends to come together and celebrate each other and show their appreciation for one another.
During a time of great economic crisis, however, it can be even more stressful to think about Christmas and the gifts your loved ones might be expecting.
Particularly when it comes to young children, who won’t understand the implications of the cost-of-living crisis, it can be difficult to explain why surging inflation is going to make a special Christmas that much harder to deliver this year.
But with the right mindset and by starting as early as possible it is possible to still make Christmas magical for your family. Here are a few tips to get you started.
Work out what you can afford
Planning for Christmas and working within a strict budget is going to be crucial if you don’t want to find yourself swimming in debt. Make a list of everything you need and everything you want. Remember that needs and wants are very different things. If you can cover all the basic needs with your budget then you’ve already won half the battle. If there’s a little more left over in the budget, then you can start stretching out to those wants.
Start now
Even if it’s putting away an extra tenner a week, by the time Christmas rolls around that will have added up to hundreds of pounds. Yes, we understand putting aside money at this time is difficult but consider making small sacrifices elsewhere to make up for it. Maybe cutting back on takeaways and nights out at the pub would be a good start for your Christmas savings?
Prepare to say no
We understand that young children are rarely equipped to hear the word “no” when they’re desperate for a new Playstation or iPhone. But you have to draw the line somewhere so if you can’t afford it, don’t be afraid to say no and explain that they might have to wait until next year or perhaps their next birthday. Conversely, don’t be afraid to say no to your friends when they suggest Secret Santa.
Take a loan
If you can’t even think about having a sub-par Christmas this year, then you might want to consider taking out a loan. Even if your credit rating isn’t wonderful (whose is these days?) then you can take out a bad credit loan. Yes, there will be interest to pay but if you spread it out over 12 months (or even longer) it can seem that much easier to manage.
