Top tips for managing your spending over Christmas

Top tips for managing your spending over Christmas

It can be easy to get carried away with your Christmas shopping, but spending a little time planning your purchases can mean you don't end up spending too much of your hard-earned money.

All it takes is a little willpower to enjoy a spectacular Christmas without the financial hurdles. Some people save for the festive season by putting aside part of their earnings into a dedicated savings account each month, while others are more comfortable dealing with Christmas as it approaches by budgeting.

Unfortunately, this latter method can often be put in disarray by the sheer number of people you can find yourself buying presents for, including lots of additional impulse purchases that seem innocent enough, but can soon add up if you don't keep a close watch on your spending. For this reason, it can sometimes work out cheaper to avoid extravagant shopping centres in favour of smaller, local shops for your yuletide purchases, where you're less likely to be bombarded with expensive temptations.

If you already know what you're buying - if your children have given you an optimistic wish list, or you've got the perfect surprise for your partner, for example - make sure you check the RRP online before setting off on your Christmas shopping adventure. While most shops won't exceed the RRP, the run-up to Christmas is always the most expensive time of the year, and comparing prices online could lead you to the biggest discounts, even if you prefer to head down to the store and buy the item in person.

Just in case you choose the wrong gift for a friend or loved one, or the item turns out to be faulty, make sure you always get a receipt with everything you buy, and that the store will provide a refund or exchange if the item is returned in good condition. This can help you avoid the need to spend even more on presents after Christmas is over.

One useful method for monitoring just how much you're spending is to open a credit card account especially for the Christmas period - something that's easier than you might imagine, with companies now offering festive cards for just the occasion. If you're worried that you won't be able to pay off your December purchases in January, and wish to avoid getting into debt, look for credit cards low APR so the interest you pay will be lower, and you won't start the new year with money worries.

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