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BIS Cosgrove Accountants Gold Coast & Brisbane

Preparing Your Finances for Christmas: 5 Tips for Smart Holiday Spending

Have you begun preparing your finances for the Christmas season? This time of year can be full of fun and excitement. For some, it can also get very expensive. Whether you only have a few people to buy for or a large group of family and friends, it’s important to plan out your seasonal spending. You can stay on top of your finances and still do the things you want to celebrate the holiday.

Christmas Savings Tip 1: Pay for Presents in Cash

You may be tempted to max out those credit cards to get the best gifts for loved ones. This is a big mistake that can make the beginning of next year very stressful. Spend for Christmas within your means and only use cash or your debit card to pay for presents as much as possible.

Christmas Savings Tip 2: Have a Gift List Ready Before You Shop

Write down the names of all the people you plan to buy for along with how much you can spend on each person. This should be done after figuring out your budget so you know how much you can reasonably afford. Going in without a written gift list can lead to too much spending.


Christmas Savings Tip 3: Shop & Plan Travel Early

If you decide to travel this season, make sure you start shopping for airfare and accommodations early. Look for the best deals, so that you can spend less. If you wait to buy in December, the prices may skyrocket as other travelers do the same. Also, try to fill up on petrol before the holiday on a day when prices are lower.

Christmas Savings Tip 4: Put Money Away All Year Round

Have a plan for your annual spending that includes setting aside some money for Christmas. Even a small amount each month will add up and make your holiday stress-free. This should be factored in along with all other funds, so you aren’t cutting into your regular savings.

Christmas Savings Tip 5: Trim the Fat if You’re Short on Cash

If you begin planning for Christmas and find that the money just isn’t there, evaluate where your cash is going and cut back as much as possible. Can you cut down on entertainment or recreational spending? Is there some way you can lower your utility bills each month through economic consumption? How about carpooling to save on fuel throughout the year? Every little bit adds up. Look for any areas that you can trim the fat, so you have a nice nest egg for the holidays!

Let Us Help You Save for Christmas

The best way to find ways to save for the holidays is with the help of a professional. We can provide sound advice and recommendations that will allow you to come up with gift money and more! Start your holiday season off on the right foot with the help of Brian and the team at BIS Cosgrove.