It can often be an expensive time of year, but rest assured that it’s never too late (or early) to start saving for Christmas.
1. Make a budget - and check it twice!
Think about how much you want to spend this Christmas. Then, decide who’s essential to buy gifts for and decide on a price limit. A budget is only as useful as your commitment to it, so get into the habit of tracking your spending so you’re more likely to stick to the plan.
2. Buy things gradually
Instead of buying all of your food shopping in one go, see if you can stock up on some non-perishable items each week before the big day. Keep an eye out for special offers and deals so you can pounce at the right time. Just be sure to check use-by dates!
3. Shop around for the best deals
Many retailers slash their prices in the run-up to Christmas. There can be fierce competition between retailers, providing great opportunities to secure presents at bargain prices. Subscribe to online newsletters in advance and you may find some promotional codes in your inbox.
4. Purchase mindfully
Don’t buy rubbish for the sake of it. Make considered and meaningful purchases for your loved ones, and it will encourage them to do the same. Sometimes a DIY gift can mean a lot more than a voucher, or another set of lip balms!
5. Declutter before Christmas
Before Christmas kicks off, take a look around your home for clothing or things that you don’t use anymore. If they’re still in good condition, see if you can sell them online to free-up a bit of extra cash to fund your Christmas gifts.
6. Have a spend-free day
In the run-up to Christmas, pick one day a week where you don’t spend anything. This will help build positive habits, like forward-planning the food shop, budgeting to cover outgoings, and controlling the urge to impulse buy. You’ll be shocked by how much money you can save.
7. Avoid credit cards and borrowing
If you have to use a credit card, see if you can get a 0% purchase card and be sure to clear the balance before the promotional period ends to avoid paying extra. Don’t go beyond your means - Christmas is just one day. Borrowing is a short-term fix that can sometimes result in a long-term headache. Try your best to save, budget and spend wisely.
8. Keep your receipts
Don’t forget to keep your receipts in case presents are faulty, or need to be exchanged or refunded. Keep them together in a drawer somewhere, and take note of the warranty length, too.
9. Use your loyalty card points
If you’ve been accumulating loyalty card points throughout the year, now is your time to go wild and spend them. Sign up for rewards with beauty brands, supermarkets, coffee shops, air miles and lots more. You may unlock cheaper prices with a store card, along with getting vouchers and cash back offers.
10. Avoid making comparisons
Avoid comparing yourself to friends or influencers on social media, as it can lead to overspending. Most people only share the best bits of their lives they want you to see, and it’s rarely the full picture. So long as you’re enjoying time with loved ones, you’re winning.
11. Treat yourself
You may be buying gifts for your loved ones, but it doesn’t mean you can’t treat yourself, too. If you often feel guilty about spending money on yourself, try putting a little bit aside each payday throughout the year to build a ‘treat fund’. You’ll rest easy knowing you’ve budgeted for a Christmas treat, and it won’t dent your long-term savings plans.
12. Give the gift of charity
It’s easy to forget that Christmas is supposed to be about giving and generosity, especially in our materialistic world. Instead of physical presents, consider donating to charity in your loved one’s name. This way, you’ll know your money is paying for something useful, and can avoid senseless overspending.
The information provided is financial guidance and should not be considered financial advice.
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