By Jen Paice

The big day is close enough now that you can almost smell the turkey and Christmas pudding. So if you’re reading this article I hope it’s because you’ve found some golden time amidst the pre-Christmas madness to sit down and relax with a coffee – or your tipple of choice if it’s after midday.

We all know how full on the run up to Christmas can be, juggling all the organisation for the day itself with a social calendar that suddenly becomes fit to burst. There’s the traditional festive to-do list, plus more recent and increasingly random additions including Christmas jumper day, secret Santa, Elf on the shelf or Santa fun runs.

There are definitely not enough days in December… And then of course there’s the cost of Christmas, which I’m sure many more of us are feeling the effects of this year as the cost of living continues to bite. Even those of us lucky enough to be in a comfortable position financially will have noticed the impact of rising prices and may have pulled back on at least some of the things that make life enjoyable.

If we’re talking about cost of living it’s only right to remind ourselves just how tough things have become for some of us here in Scotland, with figures from early December reporting that one in three Scots are going into debt to pay for food and other essential living costs.

That’s a sobering statistic and it’s just one snapshot of the economic and political backdrop from the UK and beyond that has made 2023 feel like a year of uncertainty.

At risk of sounding like an overly dour Scot, the good news is that there are still reasons to be cheerful. Things seem to be moving in the right direction, albeit slower than many of us would want. Headline inflation has been tracking down, wages are growing in real terms and some of the announcements made in the Autumn Statement could result in more take home pay or higher pension payments.

As a population we’ve never really been very good at talking about money and that only becomes harder when things get tighter. But here’s another way to look at the current situation - how many of us have teenagers in their family who love nothing more than an envelope of cash for Christmas?

I know it’ll be hard to tempt them away from spending it all on that £160 pair of trainers but why not try talking to them about their thoughts or plans for the future and whether they might want to start saving something for the longer term?

Even investing just a little at a time can be a great way to get started and, as a long-term investment, any current market volatility should smooth out over time. If the only reaction you get from them is a brief eye roll before they go back to staring at their phone, well at least you got the conversation started!

The last thought from me for this year is a simple one that’s no less important. Regardless of what stage we’re at in life or our money situation, one of the best pieces of advice is often to pause and catch your breath before making a decision.

Money has been on most of our minds more than usual this year, whether it’s market uncertainty, our plans for the future, or just making ends meet. But provided you’re fortunate enough not to be overwhelmed by money worries right now then take this opportunity to pause, reflect and focus on other things over the so-called ‘Twixmas’ period when everything finally quietens down a bit. It could help you start the new year off feeling much fresher and ready to kick start your plans for 2024.

And if for any reason you do find yourself struggling with money pressures at this time of year please do not suffer in silence. Reach out to people. There is help and support out there.

Merry Christmas. I hope it’s a good one and here’s to a healthy and happy 2024.

Jen Paice is CEO of Aberdein Considine Wealth