Patrick Reid is full of the festive spirit when treating family and friends – and he’s also got £5,000 to treat himself
In our special How I Manage My Christmas Budget series, we speak to people to find out how they are saving and spending money during the festive period.
This week, we speak to Patrick Reid, 56, a millionaire FX mentor and trader who lives in London with his partner. Patrick’s birthday is close to Christmas and he plans to spend £5,000 on treats and gifts for himself during the festive period. His partner can expect gifts of up to £10,000 for Christmas this year. If the idea of cooking on the big day becomes too daunting, Patrick plans to upsticks and head to The Dorchester in London for a Christmas feast.
Monthly and Christmas Budget
My monthly income: My monthly income: I generally make between £20,000 to £50,000 each month from my work as an FX mentor and trader.
My monthly outgoings: Mortgage for my girlfriend’s property, £3,000; council tax, £200; groceries, £700; gas and electric, £350; water, £150; broadband, £50; mobile phone, £47; personal stylist; £900; private sports club, £350; money into savings and investments, at least £6,000 per month; clothes, £2,200; spas and facials, £900; holidays, £2,000 a month; dinners and entertainment; £4,000; Uber, around £600 each month.
My Christmas budget: Pre-Christmas session with stylist at Harvey Nichols, £1,500; money for food on Christmas Day, £900; alcohol for guests over Christmas, £400; Scandium and Heals Christmas decorations. £450; gifts for my partner, between £7,000 to £10,000; presents for family, £3,500; presents for friends, £1,200; presents for colleagues, £800; post-Christmas shopping sales, around £5,000. I’ll be spending about £5,000 on birthday and Christmas treats and gifts for myself, including tea at Claridge’s, a facial at Theresa Tarmey and a day with my meditation guru.
This year I’ll be having a quiet Christmas at home with my girlfriend and close family. I’m taking two weeks off as I feel I need a good rest.
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The exact amount of money I will be spending this Christmas will depend on how well The Adamis Principle, the trading and mentoring business I own, has done this year. We’ve had our best year ever but a lot of our clients are leaving the UK because of fiscal uncertainty. So, to some extent, I will not go mad on the spending front this Christmas.
Ahead of Christmas, I have a number of activities lined up, including a facial and tea at Claridge’s. I also plan to get a massage somewhere. As my birthday and Christmas are fairly close together, I’m planning to spend around £5,000 on treats and gifts for myself over the next few weeks.
Patrick Reid will be buying a couple of experiences for friends, including a hot air balloon trip
When it comes to buying gifts for other people, I only spend what I can afford. I always try to put a lot of thought into the gifts I buy for my partner and close family and friends. I once arranged for my girlfriend to have a day in a studio as she loves singing.
It cost me £1,500 but was worth it just to see the smile on her face. I also once spent £6,000 on a week’s skiing in Saint Moritz for my girlfriend as a gift.
This year, I’ll be buying a couple of experiences for friends, including a hot air balloon trip and a trip to Lapland. Much as I like the idea of making my own gifts and cards, I rarely have the time and am rubbish at art. In total, excluding gifts and treats for myself, I will be spending in excess of £15,000 on gifts this year. This will include up to £10,000 on gifts for my girlfriend.
With the help of a friend, I will be cooking on Christmas Day, though all the planning is a bit last minute. I imagine I will go to a local organic farm to get all the essentials for the big day. I’ll also get an order in from Marks & Spencer or Ocado.
For more exclusive items, I will go to Harrods or Fortnum & Mason. I’ll need a vegan option for myself. My nutritionist is vegan and always a very good influence on me. I think all the food I’ll need for Christmas will cost around £900.
While I don’t drink alcohol, I’ll spend around £400 on drinks for guests. Failing the cooking at home option, I have considered plumping for a meal at The Dorchester hotel in London. This would certainly be the easier option.
I went through a phase of enjoying spending Christmas in hot locations like Thailand. While it might sound strange, I now think there is something quite nice about winter, a good cold snap and cosy nights in. I really enjoy being with loved ones and walking in the countryside at Christmas.
Although I’m spending Christmas in London, I will be travelling a lot in January and February, particularly to Dubai where I have set up a new business. I’ll also be heading to Zurich, Lisbon and Scotland early next year.
I do find the week after Christmas a little depressing, but plan to make the most of the January sales as I love a good bargain.