With just a few weeks to go before Christmas hits us, festivities are ramping up around us. The shops are already full to the brim with decorations, sequinned party dresses and festive lattes, your diary is starting to fill up and there’s only one pay packet to go. This time of year is exciting but it can also be hugely expensive. The number of people who go into debt to afford all the Christmas extras is on the rise, and that’s a worrying trend. There is a huge leap in the amount of people using debt counselling agencies in January and February, and you don’t want to be one of them. As much as Christmas is a time for luxury and excess, starting the New Year weighed down with debt is not a good idea at all. But if you’ve left it too late to save up for all those festive treats, what can you do to minimise the damage to your financial wellbeing? Christmas shopping on a budget can certainly help. There are some simple, last minute tips you can use to stop you overspending and begin 2019 without a financial hangover.

Stick To A Gift List

There’s a good reason Santa keeps a list – and so should you! But yours isn’t to do with who is naughty and nice (yep, that annoying younger brother still has to be on it!), but rather to make sure you don’t go overboard buying a gift for your cousin’s niece’s pet dog. It’s a good idea to write a small list and stick to it. You could also consider doing something like making Christmas cookies to give to people who aren’t close family or friends, so you don’t have to buy small value token gifts. Most people have far too much stuff already as it is, so if a present hasn’t got real thought and meaning behind it, it’s best to consider whether you should really be giving it to that person.

Stick To Your Limits

If you haven’t been saving up to cover the cost of Christmas, you are going to need to set a pretty hard spending limit for yourself to make sure you don’t topple into debt. Take a look at your monthly budget and consider the amount that you can afford to set aside to cover your Christmas spending. Also think about what you plan to spend on each person’s gift and why. Do you really need to spend that much? The answer is usually no. The best approach is to figure out the total amount you have spare for gifts and divide it up between everyone that you need to buy for. So it might be £100 on your partner and £50 on your parents and so on. Then only look at gifts within that budget range. There’s no point spotting the perfect thing for them only to find it’s double the amount you’ve set aside. Online shopping makes it easy to set price filters for what you see when you’re browsing, so you don’t get distracted.

Trim Your Bills

It’s a good idea to think about what spending you can reduce in December, both for the short and long term. Go through your November bank statement and identify where you are overspending. Cancel those expensive subscriptions, and perhaps put yourself on a takeaway coffee ban for the month. You should also check you are on the best phone plan so you aren’t getting charged too much for data – check out a network like SMARTY mobile powered by Three for simple, affordable deals.

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Also, try to stay in for the next few weekends and save the social whirl for all those Christmas parties and drinks. If you’re a makeup addict, try to shop your stash rather than buying anything new until the New Year.

Do Your Shopping Solo

If you shop with friends, it’s much easier to get carried away with the festive spirit and overspend. If your pals have poor money habits themselves, they are likely to encourage you to stick purchases on your credit card or overpay for items. It’s very easy for other people to spend your money! So take your shopping trip solo and you won’t risk getting distracted from the spending plan you’ve created.

Make a Wishlist Pact

If you always end up overspending by quickly jumping on Amazon Prime whenever you fancy something, make a pact with your other half to add those items to your wishlist instead. That way, you aren’t tempted to splurge when you should be spending your money on Christmas gifts, plus you can shop each others lists for a gift you know they really want. After the festive season, you are likely to be able to pick up anything you didn’t get in the sales anyway! And having a month’s distance from that ‘must have’ impulse purchase of novelty unicorn slippers may just turn out to be a good thing…