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Christmas is the most expensive time of the year, and we all try to do our best to make it special for our loved ones. However, more often than not our budget suffers, and we end up in financial trouble in January. If you would like to avoid high credit card bills and living on a tight budget, this is the time to start thinking about planning. Below you will find a few tips on how to be smarter about money this Christmas.

How to Manage Your Finances During December

Budget for Gifts

One of the things you should do before you head out to do your Christmas shopping is to create a list with a maximum value for each person. This will help you stay focused and avoid getting distracted by the huge and flashy sale signs. There are several shops offering discount shopping vouchers if you buy more than one item, so you can use it for the next purchase.

Work Extra Hours

We all know that Christmas is going to cost us a bit, so why not prepare for it financially? Take on extra hours if you are offered them, and make the most out of your income. You cannot live on a bigger budget for a month or two if you don’t have the income to back it up. Try to *do some freelance work as well, so you don’t have to spend your January worrying about your finances.

Avoid Overspending

It is easy to spend too much in just a few hours. Whether you are a person who loves online shopping, or you are guilty of impulse shopping, it is crucial that you budget and change your attitude toward money and finances. There are some great local saving and discount apps that will help you locate two-for-one deals, reductions, and special offers, so you can get your shopping done on your local high street instead of a flashy and expensive shopping centre.

Create a Payment Calendar

It is important that you save up for the upcoming costs. We all love Christmas, but don’t like the credit card bills that come along. Go through your payment calendar and make a list of the direct debits and standing orders that are going to come out of your account in the next few weeks, to see if you need to look at a company like Fast Loans UK for finance to tide you over. If your annual car insurance is due, or your car needs to go through MOT, you need to consider these expenses.

Use Your Points and Discount Vouchers

One of the smart ways people use to cover the cost of Christmas is that they save up all their shopping vouchers and discount points. If you have a Nectar card, chances are that you can get a discount on your next shopping if you use all the points you collected when you did your eBay shopping.

We all want to create a magical Christmas for our loved ones, but there is a price to pay if we are not careful with our money and budget.

This is a collaborative post.

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