However you look at it, Christmas is a pricey time of year. If the expense causes stress then the holiday period is ruined. Here are some tips to prepare for, and therefore enjoy Christmas.

• Figure out a budget. What exactly are you going to spend on gifts, food, drink, accommodation, airfares, fuel, cabs etc? Be realistic and even pessimistic. If you over-prepare then you’ll end up with a surplus, which is a great result.

• Open a new account into which you can put a weekly amount over the next three months in order to cover most, if not all, of your Christmas expenses. Even better, consider putting the extra money into the redraw section of your mortgage account. That way you will save some mortgage interest during the final quarter of the year.

• In terms of gifts, figure out what you are happy to spend on each person and ensure you stick to it. Give yourself time to think about gifts, working out exactly what each person will receive, to keep your shopping trips short and avoid extra purchases. And negotiate with family members to stick below a certain amount, or to do Secret Santa, in order to keep costs down.

• From now until Christmas, make additional weekly payments onto your credit card so you’re not caught out, as many people are, with an unmanageable, negative balance once you roll into January.

• Figure out what you wish for in the new year and start taking steps towards that goal right now. Whether it is a fitness goal, a new skill, a bucket list item or something as simple as a reunion with an old friend, make sure at least a small part of the Christmas period is about you by planning for and achieving something special.

If you would like to know more, click here to receive more detailed information on the best approach for your situation.