Financial & Legal News

Less than 100 sleeps to Christmas

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We almost feel like we should apologise for talking about Christmas in October, but as the tins of Celebrations are filling the supermarket shelves, subtle snowflakes are drifting onto point-of-sale and warning messages about the deadline for ordering your new sofa are filling our TV screens, we feel now is the right time (if we’re not too late) to talk about planning your Christmas spending spree.​

If, like the majority of the UK workforce, you get paid on or toward the last day of the month, then there are only three pay days to Christmas. Now that is scary.

According to data release by Family Action, the average British family spent between £530 - £680 on Christmas in 2011. Given the escalating food bills, this figure is likely to be at least 10% higher in 2013. So, for illustrative purposes let’s say you will spend £665 on Christmas, that would be a significant dint in your income if it all had to come out of your December wage alone.

So, if you breakdown this spend into three more manageable figures of £222 a month, then the taste of Christmas will be a little more palatable. To do this, make a list of what you plan to buy, broken down into the following sections:

  • Gifts
  • Food
  • Drink
  • Decoration

Allocate costs to each of these and list which month you should buy each item. From this list try to balance the cost across the three months, but bear in mind that food is likely to be needed in the December spend.

This is a simple money management tip from the financial advisers at Pearson Solicitors and Financial Advisers LLP, for a more detailed analysis of your annual spending, or to see our Money Axis Plan in action Make an enquirycontact our team today.

 

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

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