Christmas is always an expensive time of year. And with only one more pay packet left until Christmas here are some handy tips on how to save money at Christmas.
The financial burden of Christmas falls differently on all of us. You might come from a big family and need to factor in a gift list as long as Santa’s. Or you simply enjoy splashing out on a Christmas feast. Whatever your Christmas scenario we all need to keep an eye on our finances to avoid any sticky money issues come January.
MoneySuperMarket has shared their top tips to help keep you out of the red this festive season.
How to save money at Christmas
1.Cut back on non-essentials
Cut back on non-essentials where you can. For example, do you need to buy a new Christmas day outfit? Or those Santa hats you’ll only wear for one Zoom call?
Instead, put some money aside to help spread out the cost of the festive season. And make sure you still have a little money left for an emergency bottle of bubbly.
2. Stick to a budget
Research by MoneySuperMarket found that although half of Brits will set a Christmas budget, 30 per cent expect to go over it.
It might be tempting to treat a loved one to an expensive gift. Or splash out on the Christmas decorations. But the golden rule of festive spending is to know your budget and stick to it. You can help work out areas were you can make savings with the MoneySuperMarket Christmas Savings Calculator.
Do your best to resist the temptation to go over budget. Your future self will thank you for it.
3. Cut down your Christmas list
Not to sound like Scrooge, but if your Christmas list is spiralling out of control consider cutting it down. Talk to friends and family and perhaps suggest a ‘secret Santa’ if you’re strapped for cash.
Another alternative is to make your own personalised gifts or wrap up some homemade treats. Christmas isn’t about how much you spend on presents.
4. Instead of borrowing use a zero per cent credit card
If you’ve not managed to save enough money ahead of December, another way to spread the cost is with a credit card. Just be sure to shop around for one with zero per cent interest, and pay off the balance as soon as possible.
5. Review your household bills
This is probably the last thing you want to check in December. However, as soon as the radiator is turned on and Christmas lights plugged in, your energy bill is going to take a hit.
If you’ve not switched your energy supplier in the last 12 months or slipped onto a standard tariff, it is worth seeing what you can save by switching to a cheaper supplier. You can also check out our simple tips for saving money on your energy bill in winter.
Christmas is a time to be merry and enjoy yourself. Just remember not to get so carried away that you can’t still enjoy yourself in January.