Christmas Money Saving Tips

With the average cost of Christmas reaching an average whopping £550 per family, are you ready, or even able to spend this kind of money on one day? Christmas comes once a year so it is no surprise, however for many of us, its creeps up and that is when we can get into debt. This needn’t be the case and there are a number of ways to cut the cost of Christmas, including considering a low cost loan from your credit union.

Shop Around.

While this doesn’t help those who are last minute shoppers it definitely pays to compare prices especially on gifts that are more expensive. There are some great tools to help plus you can download a budget planner to help. Money Advice Service has a great budget tool https://www.moneyadviceservice.org.uk/en/tools/budget-planner

Special Deals.

Be careful of special deals, are they all they seem? There are plenty of offers out there at this time of year: 3 for 2, % off, Black Friday and additional points on loyalty cards but think carefully before purchasing and ask yourself ‘is it really saving you money’?

Brands Items.

If you have ever watched the TV show ‘Eat Well for Less’, the show really does point out that branded products aren’t always the better item. Look at making some small swaps today and you will notice the difference on the food bill.

Make your own presents and decorations.

Are you a talented knitter, crafter or baker? People genuinely love handmade gifts, it really shows that thought and time has gone into the gift. Pinterest is a great site to look at for different ideas from Christmas cards to decorations which could save you money.

Do you really need it?

Think about the non-essential items you buy regularly, like take away coffee or lunch for work? If you brought your own in from home you could save a lot of money. For example, if you buy lunch which costs £3.50 for 5 days, over a year that is £910! Money Saving Expert have a great tool to see how much money you are spending and where you can cut down. https://www.moneysavingexpert.com/income/demohohotivator/

Agree a budget….and stick to it.

Agree with friends and family a budget for gifts and stick to it, going a few pounds over may not seem like a lot, but if you did that for everybody this is when Christmas debt can spiral.

Sell items.

There are loads of websites now where you can sell your unwanted items. Remember one person’s trash can be someone else’s treasure helping you make money along the way.