Get Your Finances Ready For Silly Season With These 4 Simple Money Hacks

By Emma Edwards

a woman in sparkly top raises a glass of bubble in the air, while smiling.

Okay, we know this is not what you want to hear right now, but the silly season is right around the corner, so it's time we started thinking about how to prepare our finances. 

Here are our top tips on priming your bank balance for end-of-year celebrations.

Allocate Extra Fun Money

A lot of Christmas savings ideas are centered around present-buying and food for celebrations. While that’s totally important, don’t forget to squirrel away some extra cashola for yourself. You’ll want to catch up with friends, perhaps enjoy some office drinks and general extra merriment, so by setting aside a little extra money each week now, you can build up a festive splurge fund with minimal effort. 

Plan Your Pressie Budget Early

If you and your friends or family do presents, the earlier you start saving, the easier it is to account for everyone without going broke in the process. Set up a simple plan with a list of who you’re buying for and a rough budget. Add a 10% buffer for overspends, and then divide the total by the number of paydays you have left before you plan to shop. Boom! You’ve got yourself a super simple present budget schedule, and you know exactly how much from each pay needs to be set aside to cover your gift list. Pass the mince pies!

Rebalance Your Budget 

If your bank balance isn’t looking too hot right now, you might be wondering how the heck you’re going to fund all this end-of-year fun. If things aren’t adding up, look to ways you can rebalance your spending habits to make a little more room for the festive extras. Does it mean cancelling a subscription for a few weeks? Could you sell some old clothes or furniture to free up some cash, or shave a little off your grocery budget each week for a mega holiday indulgence shop? 

Being on top of your finances is all about making small, regular tweaks, but making some temporary changes can mean big savings for the thing you’re working towards, and you can simply rebalance again once you’ve met the goal.

Set Yourself A Countdown Challenge

If you’re the challenge type, setting yourself a savings sprint towards the end of the year could be the motivation you need. Whether you pay yourself $1 for every 1,000 steps you walk, or stash cash every time your team wins a match, gamifying your festive countdown savings can mean serious progress.

Realised your budget needs a shakeup? This easy-as budgeting technique will have you back on track in no time. 

Emma is a finance blogger at The Broke Generation and a reformed spendaholic. She shares hot tips on saving, property, tax, career and investing for millennials who want to break the spending cycle and get financially confident.

Image Credit: Aleksandr Neplokhov

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