It’s probably the last thing on your mind right now, but there are only 86 days until Christmas.<\/p>\n
And given that many of us have had to tighten our belts this year to cope with soaring inflation and the cost of everything going up, now is as good a time as any to put a budgeting plan together – not only could this see your finances in better shape by Christmas, it will set you for the year ahead in 2023.<\/p>\n
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The current cost of living crisis is hitting household budgets hard. It’s also hitting business owners who are forced to pay more for their supplies, energy, and other commercial costs. This puts them in a position where they need to make tough decisions over staff and the price of their goods and services.<\/p>\n
We all need to do more to tighten our belts by introducing what might seem small, cost-saving measures on their own, but as a collective, they go a long way and make a significant impact.<\/u><\/u><\/p>\n
The Wealth Consultant<\/a> expert, Alex MacEwen provides us with six budgeting hacks that work for all budget types. We’ve added an seventh for good measure.<\/u><\/p>\n Here are seven budgeting hacks from the Wealth Consultant<\/a> expert, Alex MacEwen, that work for all budget types. We’ve added an eighth for good measure.<\/p>\n Understanding your monthly budget can help you gain control over your money. It allows you to prioritise your spending, track your goals, and help you realise when you need to stop spending. Owning your expenditure and knowing how much you have available to spend each month, can make planning more realistic. If you keep this in mind, finances in January won\u2019t be so stretched. Following your budget means having planned expenses in the festive season with the appropriate allowances. The same should be applied for the summer holiday season.<\/u><\/u><\/p>\n One of the most significant expenses for people is housing. If you\u2019re a homeowner, your mortgage might be your greatest fixed expense. Although the base rate of interest is at an all-time low, it\u2019s worth keeping an eye on the latest re-mortgage deals and interest rates. You can save thousands of pounds over the life of your mortgage by shopping around.<\/u><\/u><\/p>\n If you\u2019re renting, now might be the time to downsize, resize or move to another area. According to the Association of Residential Letting Agents (ARLA), landlords are dramatically reducing the rent on larger properties to secure long-term tenants to weather the drop in demand from overseas corporate clients. It costs nothing to enquire, and you might be surprised at what you can negotiate on if you are prepared to take a two or three-year contract.<\/u><\/u><\/p>\n We all need a little downtime, but if you\u2019re watching your expenditure, you should consider dining in. Eating at home means precisely that, but it doesn\u2019t mean you can\u2019t go out for a pre-dinner drink.<\/p>\n There\u2019s no doubt it\u2019s cheaper to cook and eat at home, but sometimes the planning and budgeting can take the pleasure out of eating. Create a meal plan. There are apps available to download that make light work of budgeting, so you can decide what you want to eat and shop accordingly. Many supermarkets are offering deals, discounts when buying in bulk, and many have offers on luxury products designed to increase sales at the weekends. Remember these deals do not save money if you end up throwing the food away. Invest in a freezer alongside creating your meal plan, so you can reap the rewards in the long term.<\/p>\n If in doubt, call in the professionals. Our free of charge digital introduction\u00a0service<\/a>\u00a0is the perfect opportunity for you to review your current money situation and make goals towards achieving future wealth.<\/u><\/u><\/p>\n An automatic saving plan is a stress-free way to save money. Once you have worked out a budget to suit your lifestyle, set up a standing order into a savings account or consider a bond or fixed-term savings plan. The automatic element of doing this eliminates the temptation to overspend on items you don\u2019t need, and you will be surprised at how effortless saving can be.<\/u><\/u><\/p>\n Alongside your budget, make a list of your debts and continuously refer to it, especially as you pay your bills. Listing your debt obligations helps you to understand where you stand financially and gives you the chance to create a strategy to maintain your lifestyle. Just knowing the facts is a step to creating long-lasting wealth.<\/p>\n Although many of us are still working from home, some people are back in work as businesses try to kick start the economy. But the government advice is, once again, to work from home if you can – and a conference call<\/a> is the perfect way to keep in touch with clients and colleagues while you’re away from the office.<\/p>\n If you’re in need of some extra cash this Christmas, this video has some great ideas for a seasonal side hustle.<\/p>\n<\/u>7 top budgeting tips to help sort your finances before Christmas<\/u><\/h2>\n
<\/u>1)\u00a0\u00a0\u00a0\u00a0<\/b><\/u>Make a budget personal to each month<\/span><\/u><\/u><\/h3>\n
<\/u>2)\u00a0\u00a0\u00a0\u00a0<\/b><\/u>Manage housing costs<\/span><\/u><\/u><\/h3>\n
<\/u>3)\u00a0\u00a0\u00a0\u00a0<\/b><\/u>Change eating habits<\/span><\/h3>\n
<\/u>4)\u00a0\u00a0\u00a0 <\/b><\/u>Seek advice from a professional<\/span><\/h3>\n
<\/u>5)\u00a0\u00a0\u00a0 <\/b><\/u>Look into an automatic savings plan<\/span><\/h3>\n
<\/u>6)\u00a0\u00a0\u00a0 <\/b><\/u>Include your debt obligations in your budget<\/span><\/h3>\n
7) Conference call over the commute<\/h3>\n
Christmas market ideas<\/h2>\n