With our holiday season nearing the end, it’s that time of the year to think about financially preparing for the winter season. There are many costly events occurring during this time that can have a huge impact on your financial situation, Christmas being the most prominent / biggest cause for concern.
Debt Advisory Services Scotland are here to help you be more prepared for this coming time, with the following recommended steps.
There are many reasons for the use of savings and by starting early, you can fully prepare yourself for what may lie ahead financially. Christmas, for example, is a costly affair that is not only limited to one special day, but by saving early, it can help you prepare for the gifts, festive foods and entertainment. This is also a great way to prevent any future debts that may arise. Creating and keeping a healthy cash flow can benefit your financial future.
Budgeting is a great way to help you control your money and your spending. By setting yourself financial targets, it can clearly set out what you can afford without the stress or worrying that being unorganised with money can bring. This can be done gradually to confidently improve your money handling now and well into the future. Having a minimum saving amount can decrease your chances of an upset cash flow, as you are budgeting yourself with what you know you can afford.
Time Is a Big Asset
Time management is a key step in achieving your financial targets, which also links in with the early saving tip. Allowing yourself enough time to save increases your financial status coming into the winter season, as well as meaning no high unrealistic short-term targets are set.
Here’s an example for you, if you allow yourself to put £100 of savings away each month for half a year, you will have £600. If you find some months your outgoings are increased, then go for a minimum of £50, as over the same time period you will have £300. The same applies if your outgoings decrease, giving the opportunity for increased savings.
Putting small amounts of money to the side every month can build up over time, and some months you will be able to put more money away than others, but this can help you financially prepare for the winter season.
There are many elements of winter that you can benefit saving for, such as heating for your home, and events like Bonfire Night, and there are ways of making it easier without getting into debt. Saving means you can host dinner to more people in this festive time, which makes it easier to see the family and create memories to make the festive season that little bit more special.
If you would like to find out more information on how we can help you, please get in touch with us at Debt Advisory Services today by calling us on 0800 011 2322 and we will be happy to assist you in any way possible.