Your 6-month money check: review your budget and get ahead for Christmas
If you’ve felt like your money isn’t stretching as far lately, taking a step back and reviewing your budget can make a big difference. With six months to go until Christmas, now is a good time to refocus and put a plan in place.
Start with a budget review
Look at your current income and outgoings and check to see:
- Have any bills increased recently?
- Are you relying on credit more than before?
- Are there subscriptions or expenses you could reduce?
Once you’ve worked out how much disposable income you’ve left at the end of the month you can make a plan.
Even small changes such as cancelling unused services or switching utilities providers can free up money each month.
Start a savings plan for Christmas
Christmas can be expensive, but spreading the cost over several months makes it much more manageable.
You could try:
- Setting a realistic budget for Christmas, that you’re comfortable spending.
- Dividing that amount by the number of months left and try to save this amount per month.
- Some supermarkets offer savings schemes such as Asda’s Christmas Cash Pot and at others, like Tesco, you can build up loyalty points to convert to Vouchers.
Start planning gifts
Making a list now of who you need to buy for can help stop you overspending and panic buying later.
Think about:
- Who you need to buy for.
- Setting spending limits per person.
- Looking out for sales throughout the year.
- Considering alternatives like homemade gifts or shared experiences.
Prepare for the winter months
As we head towards the latter end of the year it’s not just Christmas that costs money, winter also brings higher energy bills and additional household expenses.
If possible:
- Start building a small emergency fund.
- Check if you’re eligible for support (such as energy schemes or benefits).
- Review your energy usage and tariffs.
We’re here to help
If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.
Alternatively, you can visit our www.payplan.com/bfawu to speak to us via live chat or WhatsApp
