The time is now
As strange as it might sound, now is a good time to plan for the festive season in about a year from now.
That’s because the actual costs are freshly available, with bank statements and credit card bills bearing testament to the expense of celebrating your way.
Splashing out for special occasions, such as Christmas and the New Year, can be fun but it can pay to make sure the spending is within reason. One of the best ways is to make a budget for the festive season a year in advance, put money aside regularly, then enjoy the results of your effort when the time comes.
The costs will vary from person to person, depending on the need to travel, the size and number of any gifts being given, catering and many other factors.
I like to spend, but I save as well
The ING International Survey on Christmas and New Year 2015 found 9% of people in Europe say they went into debt to pay for Christmas last year, with Romania, the United Kingdom and Poland recording the largest shares of 13 countries surveyed.
More than a third of almost 12,000 people surveyed about Christmas specifically set aside money to save for it.
Moreover, in countries where a large share of people say Christmas “is the one time of year” they spend without worrying, it is also more common to see people saving money especially for Christmas. It suggests that while these nationalities feel freedom to celebrate without watching every penny, there is a larger financial plan in place.
More tips for the festive season
The first tip in eZonomics Four tips for the festive season is to “celebrate with … the financial basics”. We also have Four more tips for the festive season and Four final tips for the festive season - together creating our 12 tips of Christmas.