Budget-friendly practices for November and December

At this time of the year, it's only natural to be more conscious of your budget, with the Christmas holidays likely to leave many families and households short on funds in the following months.

One in three Brits will get into debt by overspending over the festive season, resulting in a total debt of £2.5 billion per year across the UK or £200 per person, on average.*

The most expensive outgoings are gifts and food, with £102 spent on food for the day itself and £70 on drinks.

How can you have a budget-friendly start to 2022?

The first area to address when cutting back for Christmas is to set spending limits for gifts.

It can be very easy to go overboard when piling up presents underneath the tree. However, agreeing to a maximum amount or going for handmade and meaningful gifts can leave you feeling less guilty and strapped when it comes to January.

As food is the second main culprit behind overspending, it's also worth planning meals and events ahead of time, so that you don't lose track of where your money's going.

Christmas can be a wasteful time, so use your leftovers wisely and cut back where possible on unnecessary purchases.

Sometimes it can be all about presentation.

With the right dining room staging, you may not need to go over the top decorating, opting instead for inexpensive decorations or simple seasonal additions, such as candles and the right lighting.

Are you budgeting for a home move?

Whether it's for your first home or simply the next step on the property ladder, having the right start to the new year will massively improve your chances of having the financial flexibility to go ahead with your plans.

Remember to be mindful of your credit card usage over December, as overly relying on it could signal a level of unreliability to lenders and reduce your chances of being accepted for a mortgage.

If you'd like more information on how to get ahead with your property plans, contact us from our website.

 *Milsted Langdon