“Managing money during the festive season can be a challenging time for employees, but some careful planning could allow individuals to enjoy the holidays without getting into debt.” says Jonathan Watts Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist.
To help with this, WEALTH at work has outlined some top tips to share with employees below…
WEALTH at work’s top 10 tips for managing money this festive season
1. Set a budget – Create a detailed budget that includes all expenses, such as gifts, decorations, food, entertainment, nights out, travel, increased utility bills, and clothes, and stick to it. There are many free budgeting apps available which can help track spending on groceries, eating out, entertainment etc.
2. Use online shopping hacks –Price comparison tools can be used to find the best deals on gifts. Idealo finds the best price online for a particular product and CamelCamelCamel allows you to track the price of Amazon products. Consider installing browser extensions like Honey that search for discount codes during online check-out.
3. Beware of Black Friday – Black Friday is on the 24th November, and Cyber Monday is on the 27th These are supposed to be days when people can get amazing deals, but the discounts being offered should always be checked as they are not always as they appear. Ideally, it’s best to find out the pre-sale prices, so you know if it really is a special offer!
4. Consider other ways to reduce costs – Discuss and agree on spending limits with family and friends, and consider alternative gift options like homemade gifts or experiences, which can be cost effective and more personal. Leave credit cards at home to avoid overspending, and for those who aren’t seeing family until after Christmas, they could buy their gifts in the sales.
5. Maximise workplace benefits – Individuals should take advantage of any employee discount schemes offered for discounts on for example, groceries, dining and even gift purchases.