How to Budget for Christmas

budget for Christmas - shopping list on table with Santa hat and tablet

It’s almost the end of November, which means people are getting ready for Christmas by shopping for presents, decorations and ingredients for the perfect Christmas dinner. But it’s easy to get lost in the array of potential gifts, as well as the sparkly displays behind shop windows. Before you know it, you’re spending way too much money and you’re looking at empty pockets. If you’d like to be safe with your finances this season, read on for how to budget this Christmas.

Take note of your monthly income

First things first, write down your monthly income so you know how much you’re working with. Your monthly income is all the money that your household brings in, such as your wages, any income from side jobs and any other money coming in. By knowing how much is coming in, you can figure out the amount you want to use for Christmas.

Make note of your outgoings

Although Christmas is what everyone is focusing on right now, you can’t forget about your monthly outgoings too. These are outgoings such as your energy bill, water bill, phone bill, etc. By listing down these outgoings, you’ll be able to know how much money you have left, which will help you to accurately budget for Christmas.

Set yourself a budget for Christmas

When setting yourself a budget, make sure it’s based on how much you earn (after outgoings), what you’ve saved and the presents you plan to give if you have an idea already. Make sure you stick to this budget and try not to overspend. To save yourself from using this money, open a savings account if you haven’t already and move your Christmas budget into this account. By doing this, you’ll be able to keep track of it and ensure you’re not spending the money.

Make a list of the people you’re giving presents to

To make sure you’re keeping to your budget, make a list of people you want to give presents to. It’s also a good idea to note down the amount you plan to spend on each person if you already have a gift idea. This will further help you to set a Christmas budget and be as accurate as possible. If you don’t want to physically write it down, there are useful apps such as the Christmas Gift List to help you!

Save up

If you haven’t set up a budget yet and you’re waiting for pay day, make sure you’re saving the money you have now. You should ideally be saving for Christmas throughout the year, particularly when it gets close to December to have you ready for that Christmas shopping spree!


This is how you can budget for Christmas, which hopefully helps you this season. If you need help, advice, or for any enquiries, don’t hesitate to get in touch with our financial advisors from our directory here. For those who still need to do some shopping this season, head over to your local Christmas shops. If you still need a tree, however, take a trip down to your local Christmas tree shop.

If you’re doing Secret Santa this year, our piece on Secret Santa Gifts Sorted might be a helpful read!

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