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How to handle festive finances

Even if you don’t celebrate Christmas, you might still find yourself spending more at this time of year. Here at Your Juno, we’re all about giving you the tools you need to navigate one of the more tricky times of year for our bank accounts.

How can we navigate party invites, dinners out, and gifting without breaking the bank? Read on...

Planning ahead

  1. Take a long, hard look at your accounts. Knowing what you really have available to spend is the first step towards having healthy oversight of your finances. Maybe you’ll have to say no to some invites, or make some cheaper substitutes, but work out where you stand before you end up knee-deep in your overdraft 👀

  2. Make pots of money for each type of spending so that you know you’re not going to have to worry about breaking even. These could be pots for presents, parties, and food outside of your weekly shop (hello, expensive Christmas dinner!), or even split into more personalised options for the areas where you think you might overspend.

It’s okay to spend more at this time of year, but putting aside and planning some of that money in advance means that you can do so without worrying.

But wait, what about going out?

Sometimes it can be really hard to be honest with even your closest friends about your money situation. Maybe you’re on different salaries, or have different financial priorities at the moment, but you’re scared of missing out.

Navigating one of the most social times of year is all about finding a middle ground. The group chat wants to splash out on a cocktail night in central London? Maybe it’s time to try out those happy hour deals instead. Another dinner invite that you can’t bear to turn down? Maybe you could have them over for a home cooked dinner instead.

Spending within your means isn’t always about missing out – sometimes those cheaper alternatives might actually be more fun.

Getting the perfect gift

Gifting can be one of the trickiest parts of the festive season. Beyond just working out what to get those tricky family members (second cousins, anyone?), it can be hard to get the perfect gift and avoid overspending.

If you’re really tight on cash, one way that you can deal with family gatherings is by suggesting a Secret Santa. Rather than trying to get everyone in your family a gift – and ending up with no cash left over – you can focus on finding something special for just one person.

Environmentally, there’s also something to be said for cutting down on your Christmas spending. Ask those you want to buy gifts for to be upfront about what they really want, so that you don’t end up buying them something that will just end up in the bin.

If you want to make your gifts more eco-conscious, you can look into sustainable brands, and consider switching out patterned wrapping paper for parcel paper (anything with glitter on it isn’t recyclable!).

Here at Your Juno, we think that money can be a vote for the world that you want – so don’t feel pressured into going down the traditional routes. Maybe you could try donating that money to charity, or pooling money with your family and friends for experiences that you want to share instead.

Your Action Plan

It's time to put what you've learnt into action.

  1. Assess your accounts and work out what you really have available to spend.

  2. Set up dedicated pots for extra spending.

  3. Work out some cheaper alternatives for quality time with friends and family.

  4. Try out a Secret Santa.

  5. Honesty is the best policy for getting the perfect gift.

Congrats, you're ready to take on the festive season!

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