Saving for Christmas is an exciting step. The money you put aside now will be used in December to spread joy and happiness.
However, sometimes saving is easier said than done, especially if you are on a tight budget or have a lofty savings goal. This inevitably leads to questions like “How early should I start saving for Christmas?”.
It is difficult to give one answer, as it depends on your individual income. However, there is a general rule, and there are some popular savings strategies. Scroll down to learn more about them now.
Are you starting to wonder, “When should I start saving for Christmas?” Don’t worry. You are not the only one.
As the summer ends, many Brits start thinking about autumn and Christmas. It often feels too early to begin saving, while the sun is still shining. However, September and October are the perfect months to implement a Christmas savings plan.
If you start saving for Christmas in Autumn, you still have a few paydays ahead of you before December rolls around. Plus, it allows you to start slowly cutting back unnecessary expenses without leaving it to the last-minute.
Of course, it is also a great idea to start saving in summer or even spring! The earlier you start, the more you can put away. Starting to save earlier also means you can put away smaller amounts. This will restrict your lifestyle less, making saving without cutting back on non-essential spending easier.
If you have forgotten to save or pushed saving back until the last-minute, don’t panic. Here are some quick tips to save money and limit overspending in December.
You can make it through Christmas even if you have forgotten to save. Resist the temptation to spend your savings or emergency funds, and use this year as a lesson to plan better for the next!
See how much you should spend at Christmas here.
Saving for Christmas is easiest when you have a clear budget, as this tells you how much you need to save.
Categories and costs you should add to your holiday budget may include:
This is just a starting point for any Christmas budget. Make sure you tailor yours to your lifestyle needs! This way, you will have an accurate savings goal and won’t fall short when the day rolls around.
Pro Tip:Don’t forget to add money for socialising. Whether pub drinks or meals out, Brits tend to spend more money on hospitality in December.
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For more helpful information about how to manage your money, different financial products or what we do at Polar Credit, take a look at our Info Hub.