Christmas budgeting
As the end of term approaches many of you will be looking forward to the holiday season and getting into the festive spirit. However, you may also have spent most or all of your student loan by now and be close to your overdraft limit.
If you are worrying about how you are going to afford gifts for your family and friends, and get through the festive season without breaking the bank, the Student Advice Service has a few helpful tips to help you stay within your budget so you can avoid starting the New Year with a minus bank balance.
Earn some extra cash!
Many employers take on extra staff during the holiday period, so why not try and get a part-time job to help cover your extra expenses or pay off some of your overdraft. If you are travelling home for Christmas, ask friends and family to look out for local vacancies now.
Careful Banking!
If you have an overdraft try and stay within your agreed limit – remember, if you exceed your arranged overdraft without permission you will incur additional bank charges.
Think carefully before using credit cards for everything! If you are unable to pay your bill in full by its due date, you will have to pay interest on your purchases so they will end up costing you more!
Book travel early to save money!
Budget now for travel costs over the vacation, and make your travel plans as soon as possible. Sites such as Virgin, the Trainline, Southern Railway and First Great Western all offer attractive online discounts for advance purchases.
Make a budget and stick to it!
If you can only afford to spend a small amount on gifts for your family and friends, discuss this with them beforehand and try and reach an agreement so you don’t end up feeling obliged to spend more than you can afford. See who can be the most creative for a fiver! Use your NUS Extra card where possible to get discounts.
Get Crafty!
Getting down to some arts and crafts could save you loads. You don't have to be particularly arty to make your own colourful Christmas cards and gift tags instead of buying them. If you are a good cook why not try making your own edible gifts such as chutneys or chocolates. Or if needlework or knitting is your skill how about a hand made make-up bag, purse or scarf.
Entertainment on the cheap!
If you are staying local to uni why not have a festive get together at home with some friends, and ask them to bring a dish or bottle of drink to keep the cost down. Or why not volunteer for one of the local charities. This can be really good fun and a very rewarding experience.
Try not to overspend in the sales!
It’s easy to get carried away when out shopping in the sales, but a bargain is only a bargain if you need it and use it. If you are tempted to go shopping in the sales, before making your purchase always think:
- Do I need it?
- Can I afford it?
- Can I buy it cheaper somewhere else?