The holidays are a time of joy, and also financial stress. When it comes to managing personal finances or running a business, Christmas expenses can start to snowball. All of which brings us to the 7 Christmas Rules. This simple approach is a good way to be disciplined with your finances over the holidays. In this post, we will outline “What is the 7 Christmas Rule?” and how you can use it to make your finances a whole lot simpler.
The 7 Christmas Rule
The 7 Christmas Rule is a spending guideline for planning your holiday budget. It recommends that you set 7% of your annual income aside to spend during the holiday season. This ranges from presents, trimmings, and food to transport and other festive expenses. Sticking to this rule of thumb prevents you from overspending and regretting it once the season ends.
And don’t forget, when it comes to professional advice for your financial planning or tax liabilities this holiday season, business tax advisors can help navigate it.
How Can the 7 Christmas Rule Help You?
You can stick to a budget this holiday season by following the 7 Christmas Rule. This enables you to allot money to your priority spending and stay out of debt. It’s as easy as that to make your money go further during the festive season and enjoy some peace of mind, not to mention more control over your finances.
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Final Thoughts
The 7 Christmas Rule is an excellent strategy for anyone trying to manage their holiday spending! Set aside a percentage of your income during the year for Christmas, and you will be able to enjoy it without stress.
If you need expert help during the upcoming tax season, the holiday season, L&Y Tax Advisors has many services aimed at helping individuals better manage their finances.
Read more: Do you have to pay property taxes on land you own?
