In this resource we have gathered a variety of advice on how to financially prepare for the winter months and the big event that is Christmas. Saving in the run up to Christmas will help to soften the blow in January. These tips should help you stay on top of your finances while not sacrificing the holiday spirit.
- Set a budget first. Steps include allocating present budgets for friends and family. Also consider how much you want to spend on food and drink. This should help you decide how much you need to save each month.
- Talk to your friends and family in regard to how much you plan to spend on presents. It is important to communicate regarding boundaries and expectations when it comes to presents.
- Ban unnecessary presents for people you are less close too. Consider whether some family members might appreciate a card or a personalised just as much if not more.
- Save for Christmas- even a small amount over a few months will make a significant difference. The earlier you start saving the less you will need to put aside each month. Committing to saving a regular amount per week/month is often the best way to do this.
- You could leverage saving tools and cash pots. Tools like Monzo, Revolut and starling allow you to have cash pots where you can allocate small amounts to different categories like food, presents or decorations. The app Plum also has savings tools that help you deposit small amounts of money over time.
- Find sensible deals but stay cautious- Only go for your bargain if it’s something that’s needed for example did you consider it when you first budgeted. Keep an eye out for scams make sure to verify the legitimacy of websites. The money saving expert link at the bottom of this resource will help you find the best deals.
- Look at second hand and preloved options at places like charity shops and car boot sales.
- Don’t overlook free or cheap activities ideas include visiting a Father Christmas with the kids in a more localised setting as this will be cheaper than at major events. Ideas include building a gingerbread house, enjoying your favourite Christmas movie with a hot chocolate or join in on the elf on a shelf trend. https://www.moneysavingexpert.com/team-blog/2018/11/16-ways-to-sprinkle-christmas-magic-for-free–or-very-cheap-/
Discover more information and advice from the sources below:
https://www.moneyhelper.org.uk/en/savings/types-of-savings/saving-money-for-christmas
https://www.moneysavingexpert.com/shopping/christmas-savings
https://the-wellness-cloud.com/making-the-most-of-your-money-in-the-run-up-to-christmas
