25th November 2017
Our author Jo Thresher (Being Better With Money) discusses money worries at Christmas:
Your last payday before Christmas is probably happening this week. Some employers pay salaries early in December which can help with festive cashflow but that creates a long, long wait for January’s payday. So now is a good time to think about the expense of Christmas.
Christmas comes the same time every year. I still believe in Father Christmas but I do have to help him with the shopping, which includes paying for it. And that can be a challenge if you haven’t planned for it.
After several employers asked me to run “something to help people at Christmas” I looked into what employees might actually need by doing a bit of probing into why the employers wanted to save their employees from January financial sadness. What they were actually looking for was a way to prevent January gloom. This gloom can be caused by overspending in December which creates financial stress which can then cause relationship stress, absences, higher staff turnover and reduced engagement and productivity. Did you know more people commence divorce proceedings or ring debt services in January than at any other time?
So much like having a flu-jab in the winter to prevent winter flu, what about having a plan to avoid overspending this Christmas, to guard against winter money stress? It’s too late this year if you haven’t saved in advance already, but resolve to do so next year. I do love Christmas but as you might expect as a money expert I have saved monthly for it for most of my working life. When you have a big family you really need to.
And this year pay in cash, not with credit. If you don’t have the cash consider not splashing out. Many of us have everything we need and a small, thoughtful present could mean much more to someone than a lavish one they don’t need.
If Christmas brings annual financial stress for you, try to rein yourself in this year, and make a new year’s resolution for next year to plan in advance for the extra expense. Have a look at my book for tips and a budget planner. Even a small amount of savings will make you feel far more relaxed as Christmas approaches, and help you to have a happier, less stressful Christmas.
Have a great one!