Christmas money-saving tips

11 Nov 2021

With less than eight weeks to go until Christmas Day, many people will be eager to get a head start on planning the festivities. But alongside all the fun and frolics of the holiday season, it remains the time of year that more people run up debts. Indeed, figures released after last Christmas revealed over a third (34%) of UK adults take their credit card debts into the New Year. However, a lot of financial stress can be avoided if you begin financially planning your Christmas early. Here are some top tips:

Budget for Christmas

Most people don’t even want to ‘go there’ about Christmas yet, but it will pay off in the long run. Work out how much money you can put aside now and over the coming weeks for gifts, food and drinks, entertaining, entertainment and social events – and only commit to what you can really afford.
 
Shop around

If possible, don’t leave Christmas shopping to the last minute. Panic buying is stressful, and you can end up spending more than you intended. Doing it sooner rather than later allows you to shop around for the best deals and stagger your purchases. Also, remember Black Friday and Cyber Monday can put some brilliant offers your way too.
 
Stock-up in advance

Why not stock-up up on non-perishable items in advance of the big day? You could add three or four items to your weekly shop in the weeks leading up to Christmas, instead of facing a whopping bill for a mega shop nearer the time. You could snap up goods that are on offer, such as tins of chocolates and preserves.
 
Think outside of the box

The pandemic has highlighted that that typically people have missed social interactions more than ‘things’. As such, don’t forget about this and think outside the box this year. Could you organise a day out with a friend, rather than swapping gifts?
 
Don’t pay interest on cards

If there’s no choice but to pay for some of Christmas on a credit card, ensure you have the right one. Apply for a 0% purchase credit card ahead of time, and know when the 0% period ends so you can clear everything off the card before a higher rate is implemented. In short, don't let your expenses that become debts become the Grinch that steals the fun from your Christmas.  Happy holidays!