Wellbeing Wednesday: Christmas and my budget

Christmas is that time of year where families come together and people share gifts, food and festivities.

This Christmas is looking rather different with a new guest at the table: Covid. 

The pandemic may encourage many of us to splash out on gifts and compensate for the distance between us, but remember not to get caught up in the excitement and blow your budget.

When it comes to Christmas shopping, I like to start early so I can finish early. Opening my eyes to possible presents early on, I am bound to pick up some perfect gifts that are personal to the individual I am buying for. It also gives me the opportunity to shop around for the best price. I am a sucker for a bargain!

By budgeting a small amount of money each month towards Christmas, you can save in the long run and ensure your money takes you through to the new year. 

LifeWorks has some great tips on finances and budgeting.

Buy local and support local businesses by checking out what’s available in your neighbourhood or shared social media pages. Not only does this support a small local business, it means fewer delivery miles clocked up on the environment.

Opt for small, personal gifts that suit the person. It could be a keyring with their favourite animal or a pair of socks with their initials. Personal gifts show you really care and have thought about the gift and the person.

Take note of season sales! Mid season sale is currently in full swing. Past your budget at the moment? Then get saving ready for the fourth Friday of November, aka Black Friday. An American celebration likened to Boxing Day in the UK, whereby the aftermath of Thanksgiving throws retail stores into bargain sales. The UK has latched onto this concept in recent years and you can pick up some great deals, particularly for electronics.

Draw up a list of who you need to buy for and buy with them in mind. This will stop you from buying things on a whim hoping it will suit someone in the family as a christmas gift. Often, you end up with a goodie bag of leftovers, which could have saved you money.

Set a budget for each of those people on your list and do not exceed it. It is always tempting to shop with a person in mind but not a budget, and this could see you forfeit your entire budget on one gift. Set an appropriate budget for each person in your life and try your best to stick to it.

That bottle of red wine in the cupboard you’re never going to drink because you don’t like red wine, why not gift it to someone who will enjoy it? That’s a free gift right there!

There are so many lovely creative things you can do to make presents this winter and it is also enjoyable doing it. Check out this list here for some ideas.

LifeWorks is Unipart's employee assistance provider. Check out the Perks section of LifeWorks for discounts and cashback. There’s lots of different incentives each week to help you be a savvy shopper.

If you’re used to purchasing for family households, why not consider a family gift this year? No individual budgets but one fabulous sharing gift, like a box set and popcorn, or a food hamper for the whole family to enjoy.

Last of all don’t forget about yourself this festive season. Set yourself weekly budgets, even transferring them to a specific spending account can help stick to it and allow yourself some festive treats along the way. I know I’m ready for the mince pies and mulled wine! 

If saving is something you find difficult, why not engage with Unipart's financial wellbeing partner Salary Finance to get some advice about saving and your finances ahead of the Christmas crunch. 

https://unipart.salaryfinance.com/finwellbeinghub

Salary Finance have also put together a document to make, not break, you Christmas budget. Download it below.

Laura Duthie, HR Specialist - Corporate Responsibility

Unipart's Employee Assistance Provider called LifeWorks, has a wide range of resources that can help to support you, and up to five members of your family, with a variety of health and wellbeing topics. This may be an issue at work, or at home. 

If you are struggling with anything covered in this story, you can get free, confidential support from independent caring counsellors 24/7, via the phone number on 0800 169 1920 or through unipart.lifeworks.com or the LifeWorks mobile app. 

If you don't already have a login, find out more about how to sign up here.