There’s something about September that makes December feel very far away. Then you blink and suddenly it’s Black Friday, the WhatsApp groups are discussing holiday plans, there are gifts to buy, events to attend and your bank balance is being asked to perform miracles.

The last few months of the year can be some of the most expensive. To help you navigate them like a pro, here are a few of the biggest year-end money traps to watch out for as well as how to avoid them.

The Black Friday Bargain Trap

A 40% saving is fantastic if you were already planning to buy the thing. If you weren’t, you haven’t really “saved” anything. You’ve just spent money you weren’t planning to spend.

Before Black Friday arrives, make a list of anything you genuinely need and decide how much you’re willing to spend. Then try to stick to it, no matter how many emails tell you “there are only 3 hours left to save big!”

Future You does not need a discounted air fryer if Current You already owns one.

The December Spending Snowball

December spending rarely comes as one enormous expense. It’s usually lots of smaller ones. A gift here. Drinks there. A festive lunch. A contribution towards the family gathering. Individually, they might seem manageable. Together, they can do serious damage to your wallet.

Work out roughly what December usually costs you and start putting money aside before the festive season begins. Even a small amount saved every month can make December feel considerably less painful.

The Year-End Pressure To Keep Up

The festive season can come with a lot of financial peer pressure. Everyone seems to be going somewhere, buying something or doing something fabulous. But somebody else’s holiday plans don’t need to become your credit-card balance.

Decide what matters most to you and spend accordingly. Maybe that’s travelling to see family. Maybe it’s spoiling the kids. Maybe it’s buying three good books and spending the holidays happily horizontal on the couch. Your December doesn’t have to look like anybody else’s.

Don’t Forget About January You

One of the easiest year-end traps is budgeting until 31 December and forgetting that January exists.

Before spending your entire December salary or bonus, think about what’s waiting on the other side: debit orders, groceries, back-to-school costs, transport and all the usual expenses that unfortunately don’t take a festive break.

Setting aside January money before the celebrations begin can make the start of the new year much easier.

While You’re Planning Ahead

Saving and budgeting are really just ways of making life a little easier for Future You. And while you’re thinking ahead, it’s worth looking beyond December too.

Life insurance is another way to plan for a future you hope your family will never have to face. With MiWayLife, you can choose life cover designed to provide a lump-sum payout to your nominated beneficiaries if you pass away and a valid claim is approved, helping to give them financial support when they may need it most.

MiWayLife policies also include an Accelerated Funeral Benefit, providing access to a portion of your life cover to help with immediate funeral expenses following an approved claim.

The Bottom Line

Before the end-of-year madness begins, add one more thing to your planning list: take a few minutes to review the cover you already have or get an obligation-free quote from MiWayLife.

Because planning ahead isn’t only about making it through December with your bank balance intact. It’s about making sure the people you love are better prepared for whatever comes next.

Did You Know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.