Christmas is hard on many wallets. This year, things will be even harder for a lot of people. So many have lost their jobs by being made redundant, or their business actually closing down due to coronavirus. Many people are trying to cut costs and make a little extra money on the side to support themselves and their family through Christmas. However, when you read financial advice you have to morph it, and really force it into being applicable to yourself. Some suggestions might not work at all and you’ll waste time trying, others will but won’t appear to apply at first viewing because you need to think outside the box. Finance is a tricky thing to get right and is why some people charge a lot of money to offer financial advice. Here are a few Christmas money tips to get you started though…
Finally Change Provider
How long have you been receiving utilities from the same gas and electric company. Consider changing them if it might save you money. You hardly have to do anything these days either; it’s all done automatically. There are many companies who will search providers and work out how much money you can save. It’s the same with other monthly payments you make too. Try DiscountLifeCover.co.uk for a different rate of life insurance. You might also need to change car insurance each year too because you may save when it is time to renew.
Whilst one or two of these things might not add up to that much, when you combine them all it starts to accumulate quite quickly. You could be in for a decent saving and have some extra money to take into Christmas. It’ll just take an hour or so in front of the computer.
Some comparison sites are better than others too though. It’s always best to try a couple of them out, because some cover providers which others don’t. Similarly, some providers don’t use comparison sites at all and you’ll need to go to them directly.
Cut The Unnecessary
In the first instance, all you need to do is write down all the money coming in, and then do the same for the money going out. You’ll soon see where the money is disappearing. Is it going somewhere where it needs to go?
Think about your streaming subscriptions. Are you using spotify whilst you’re working from home, for example? If a subscription gets used regualrly, this potentially justifies the cost of course.
Another example is TV. Do you watch Netflix, cable and other subscription channels, or do you favour one of them? Alot of people have multiple TV subscriptions, which can add up over time. If you don’t use any of them enough, pause or cancel the subscription. The more you cut, the more money you save. These are pretty easy to do too and you can simply sign back up if you want to after Christmas, or when your budget is in a bit of a better shape.
The same applies to your shopping. Are you buying too much? How much food are you throwing out each month? If you think it’s a lot, you might want to cut back on any items that seem to get wasted. Not only is it good for your financial situation but it’s also good for the environment. Cut the unnecessary expenditure and it’s a simple path to more money for Christmas.
Make Extra Money
A lot of people will be looking to save as much as they can to make Christmas easier to manage. However, also think of things from the other side; could you make abit of extra money, as well as saving? There are all different kinds of ways you can do this. You need to lay your options on the table and work out what will work best for you.
Do you enjoy exercise? Consider walking dogs. Can you write? Get some freelance gigs on the go. Can you type fast? Think about transcription. Are you able to code? There are a lot of gigs online to pick this up.
If you make a little extra money for Christmas, you won’t have to save it from an existing budget. Just start getting ideas written down. All you need is a little freetime. You could sell on Amazon, or you could decide to do something viable to your area like shovelling snow, clearing leaves etc… Delivery drivers are in highly popular demand this year of course. The possibilities are endless.
Move Savings and Shares
It is also a good time to check on any savings or shares you have to see if it might be better invested elsewhere. Banks will offer different rates and other benefits on savings accounts, sometimes including deals exclusively for new customers so it is worth researching. Same if you invest in shares; look around for where best to put your money. Whether investing in a supermarket, such as morrisons shares, or elsewhere, be sure to research thoroughly first or seek advice from an expert.
I hope these Christmas money tips help. If you have your own Christmas money tips to share, I would love to read them in comments!
*This is a collaborative post