Why you’ll want to get a head start on your winter finances
From refreshing your wardrobe to knowing when to spend and when to save, here’s how to make this upcoming winter the most financially stress-free yet.
4 min read
Summer is a flurry of activities, from vacations and festivals to barbecues and day trips. But as the leaves begin to change, it might be time to reset your finances and prepare for the colder months ahead. Winter can be tough on the wallet, what with soaring heating bills and the extra costs of festive presents and gatherings. Preparing now can ease the stress and make the upcoming holiday season your most financially zen yet.
How to winter-proof your budget
The transition from summer to fall provides the perfect opportunity to review and reorganize your budget so that you’re financially prepared for the winter season. To streamline your budget, start by listing your expenses and distinguishing between needs and wants. For instance, if you have a premium gym membership but find yourself skipping workouts as the weather cools, consider switching to a basic plan or exploring home workout options.Winter also brings specific financial demands like heating bills, new warm clothing, and holiday expenses. Allocating specific amounts in your budget for each category can help you avoid the post-festivities financial blues. Plus, with Black Friday temptations around the corner, it’s crucial to be strategic about your spending. Set a spending limit for seasonal sales and stick to it. This way, you can enjoy the deals without overspending. Planning and making thoughtful adjustments will prepare you for a more financially secure and stress-free winter.
Reduce holiday stress by planning early
The holiday season can quickly lead to financial strain, but early preparation and mindful spending can make it more enjoyable and stress-free. Before the season starts, create a detailed gift list with spending limits for each person and factor this into your monthly budget. By planning ahead, you can take advantage of early sales and discounts, which allow you to spread out the costs over several months. If you’re tight on funds, be honest with your loved ones about your financial situation. Many people will understand and appreciate the reduced pressure to swap expensive gifts. Instead, try suggesting a no-gift pact or a Secret Santa with a small spending limit. Or, you can offer your time and talents instead of material gifts for a meaningful, cost-effective alternative.
Budgeting made simple
N26 Spaces sub-accounts make it easy to set money aside for your goals in just a few taps.
As the summer heat fades, it’s the perfect time to reassess your wardrobe and prepare for the colder months ahead. Begin by evaluating your summer outfits and donating or selling anything you didn’t wear this year. Apply the same scrutiny to your winter stash and ask yourself: “Will I be excited to wear this next year?” “Am I excited to wear this now?” If the answer is no, it’s time to let it go.This wardrobe reassessment not only declutters your space but also highlights any gaps in your winter wardrobe. Then, you can shop strategically and take advantage of fall sales so you’re not stuck making last-minute, often expensive, purchases when the weather suddenly turns cold.
Winter hacks for a warmer home and fuller wallet
As winter approaches, you can boost your savings with a few clever strategies. First, let’s talk about radiators. Bleeding your radiators to remove air pockets ensures they warm your home more effectively, reducing energy costs. Plus, setting them to a low temperature in unused rooms prevents your boiler from overworking and helps to stop mold from developing. Next, investing in cozy winter wear — like robes, warm socks, slippers, and sweaters — can also help you significantly reduce heating expenses. If you work from home, a blanket for your lap can keep you warm during long video calls. Draft-proofing your home is another cost-effective way to reduce energy bills. Seal gaps around floors, doors, and windows to prevent warm air from escaping. Just be careful not to block essential vents. Installing window film for temporary secondary glazing is a simple DIY project, or you can hire a professional. Lastly, don’t forget to negotiate your bills. Whether it’s insurance, internet, or utilities, loyal customers often have leverage to secure discounts. Research deals that are available to new customers and request the same discounts from your provider. If they refuse, expressing your intent to cancel might push them to make you a better offer. These cash-saving tricks help you keep your home warm while boosting your winter savings cushion.
Winter-proofing your finances with N26
No matter the season, N26 helps you plan ahead so your money works for you. Get insights into your spending to organize your finances and create budgets that fit your lifestyle. Intuitive features like Spaces also let you easily set money aside for specific expenses or to save for those things you really want. Opening an account with N26 takes just minutes, and there’s no pesky paperwork. Achieve your goals and build a more secure future today with an N26 account.
From Swiss shoppers dropping €43 per person on chocolates to 64% of European shoppers opting for second-hand gifts, here’s where our money goes during the holidays.
From Swiss shoppers dropping €43 per person on chocolates to 64% of European shoppers opting for second-hand gifts, here’s where our money goes during the holidays.
