Christmas can be tough on the budget as presents for loved ones can often take a toll on your wallet.
But a budget advisor has exposed a few myths which could leave you worse off this as they break down the do's and don'ts of financial planning for the holidays. Jordan Payne has revealed some of the money pits you could fall for this holiday season and has shown the best way to avoid them, offering alternative money-saving tips instead.
Her money hacks were posted to and she revealed the earlier you start preparing for Christmas, the better. While some may have begun their prep for the festive season in September, there is no better time to start than now.
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Jordan says: "If you've got a family and you're worried about the cost of Christmas, then this is the most important Christmas hack that you're gonna need." All you need are some cardboard boxes or a spare space in your wardrobe. Whatever the space is, it needs to be "cleaned out" before the start of the holidays.
There is good reason for doing so, as Jordan reveals: "You are gonna use these to start now, filling them up ahead of Christmas, making the most of any sales and discounts you find." Keeping them out of reach and sight to surprise your loved ones is the way to go according to Jordan.
Her advice falls in line with recent suggestions made by expert at ConvertBankStatement, who say the myth that you can on should be avoided as the same items advertised as discounted on the day could be cheaper before or after the big sale. They revealed: "Start now, and you’ll be able to see how the price fluctuates. That way you can easily see the exact day the price is cheapest."
Shopping earlier also helps to spread the cost over a couple of months. The experts continued: "Instead of riding the procrastination wave, start shopping earlier so you can spread the costs out over multiple months. Shopping well in advance will help you avoid panic-buying something unsuitable, too."
Further advice followed, especially when it comes to flagging "hidden costs". The experts added: "Holiday spending can easily spiral out of control if you’re not careful. Getting swept up in the festive spirit is easy, but you need to stay on budget to avoid post-holiday financial regret.
“One of the biggest culprits? Hidden costs. You might think you’re budgeting well for gifts, but don’t forget all the little extras — wrapping paper, shipping fees, etc. To combat this, set a budget for everything, not just gifts. That includes decorations, food, and any parties you might be hosting. It’s also smart to keep an eye out for sneaky costs like membership fees for online shopping platforms or credit card interest if you don’t pay off your balance in full."
