Not long to go before the jingle jangle of Christmas sneaks merrily into your home. Check out our budgeting tips to help you fine tune your finances during this busy period:
1. Try out the CCPC spending calculator to see where you could start saving money on your everyday expenses. Saving just a little can help you put money by for bigger purchases. The spending calculator shows you how much you are spending on everyday items such as lunches, papers, magazines, cigarettes or the occasional bottle of wine and more importantly it shows you how much you are spending on these items every month and every year. It gives a breakdown for each spending category like entertainment, transport, gifts and personal items so you can see how much you are spending and how much extra money you could have in your pocket if you reduced your spending in some areas.
2. We all know about the large expenses that we spend our money on, like mortgage repayments, bills and running a car, but it is easy to forget how much we spend every week on smaller items. For example, if you spend an average of €25 a week on entertainment, this adds up to €1,300 a year so managing how much you spend on even the small things can make a big difference.
3. You can also use the CCPC budget planner to help you work out a plan that suits you and helps you stay in control of your spending.
4. See what savings you can make from small changes. If you’re finding it hard to find ways to save it might be a good idea to cut back on some everyday expenses. For instance, if you were to spend €2.50 on a coffee five time a week this would cost you €12.50 a week, €50 a month and €600 a year. You don’t have to cut out your take-away coffee altogether but cutting down can make a big difference.
5. Reducing your heating to a comfortable 20°C can save you some extra cash. Lowering your thermostat by just 1°C can knock 10% off your heating bill or if you install a lagging jacket you could save up to €2.50 a week in water heating costs which within three months will pay for itself.
6. Try using the CCPC Christmas budgeting planner. It lists all the main expenses you would expect such as food, drink and presents but also includes costs that could easily get left out of your budget, such as increased heating and electricity bills. Once you have reviewed this you can then see how much you expect to spend compared to your budget.
7. Are you a last-minute Christmas shopper? You need to change that habit to save some cash. Giving yourself time means that you can watch out for discounts and you are not buying under pressure. List out everyone that you intend buying for and decide how much you will spend on each person. You have the time now to shop around and compare prices, when buying goods instore and online.
8. Remember, you don’t have to say yes to every social occasion you get asked to. Meals and nights out can hit your pocket hard. Be selective and clever about what you say yes to.
9. Agree with family and friends on buying smaller gifts for each other this Christmas. Or if you normally buy friends or family individual presents, why not suggest doing Secret Santa, where each person only has to buy one present.
10. If you need to use your credit card, then take a look at the CCPC’s credit card cost comparison. There are still some providers offering 0% interest on balance transfers. If you can't afford to pay your Christmas credit card bills in full, you could take advantage of one of these offers in the New Year. But before you sign up, make sure to check what rate will apply when the introductory offer ends and if there are any conditions attached to it.
For more money saving tips visit the CCPC’s consumer website www.consumerhelp.ie
The CCPC is responsible for enforcing competition and consumer protection laws across the economy. To help consumers make informed decisions it also gives independent, unbiased information about consumer rights and personal finance products and service through its consumer helpline 1890 432 432 and consumer website www.consumerhelp.ie.
