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Christmas may still be a good couple of months off, but for many people the planning – and subsequent financial worry – has already started.
Whether it’s hosting, shopping for gifts, decorations, or forking out for social events, ‘tis the season for serious splurging – making it so easy to overspend amidst the flurry of festive magic. But, what if this year we were able to exercise a little bit of financial discipline and plan ahead?
Taking time out to prepare for the costly period would certainly make for a more enjoyable break, and avoid any additional stress that stems from lingering debt in the new year. Here’s how to get started, according to the experts…
1. Get saving
“While it might feel too late to start saving in September-October, you can still make a big difference by spreading out expenses over the next three months,” says Liz Hunter, director at comparison site, MoneyExpert.com.
“Think about how much you’ll realistically spend this Christmas, factoring in the cost of food, gifts, events and any other expenses. Divide this total into three equal parts. Once you receive your pay later this month, set aside one-third of the budget in a savings account. Repeat this process on your October and November paydays. By following this plan, you can significantly reduce the financial stress of December.”
2. Utilise budgeting tools
“Determining the maximum amount of money you want to spend over the festive period is a good way of keeping track of your finances,” adds Mark Weston, director of financial support at Santander UK. “There are lots of useful tools online to help you do this. Santander’s Budget Calculator and Financial Health Check are a great way to get a quick, simple view of your overall finances and discover where you might be able to save some extra cash.”
3. Shop early for the best deals
“Don’t wait until the last minute to buy everything. Start your shopping early to avoid any price hikes on certain seasonal products, and spread out your spending across a longer period of time,” advises Weston. “Taking the time to check prices on other websites before making a purchase online can also help you make the most of offers on certain products.”
Don’t wait around for Black Friday either, says Hunter: “Data shows its reputation as the cheapest time for Christmas is often overstated. If you spot a good deal before, grab it while you can,” she adds. “On the day itself, use a price comparison tool like PriceRunner to verify if the sale price is a real bargain.”
4. Stock up early on Christmas food
“Food prices often increase the closer it gets to Christmas, especially when it comes to festive items,” warns Hunter. “So although it may seem early to stock up on Christmas food, buying now can save you money later.
“Fresh produce won’t last, but non-perishable items like biscuits, nuts, chocolates and alcohol can be purchased in advance. Remember to check the ‘reduced to clear’ shelves every time you shop, too. Many items, including meat joints and fish, can be frozen – which could significantly help reduce the cost of your December food shopping.”
5. Sign up for cashback schemes
Another way to make savings whilst spending is to sign up to cashback websites and apps, says Hunter.
“These schemes work by tracking your online purchases and rewarding you with a percentage of your spending as cashback,” she explains. “For example, if you buy something for £100 and the provider offers 5% cashback, you’ll pocket £5 credit. Once you’ve earned enough, you can withdraw it as cash, gift cards or vouchers.
“It’s a win-win. Save money on your Christmas shopping and keep the savings going into the new year and beyond. The two biggest platforms in the UK are Topcashback and Quidco.”
6. Use handy discount codes
“Using discount codes to stretch your Christmas shopping budget might seem like a simple tip, but it’s often overlooked,” says Hunter. “With a simple online search, you’ll be able to find a working discount/promo code for most online retailers, often saving you 5-20% off your purchase – sometimes even more.
“The easiest way to make the most of discount codes is to install a browser extension, such as Honey or Pouch, which will automatically apply working discount codes to your purchases at checkout. There are plenty of apps available, too.”
7. Enjoy a sustainable Christmas
“According to Oxfam, six in 10 people believe it’s more acceptable than ever before to give second-hand gifts to a loved one, owing to both the rising cost of living and environmental concerns,” says Hunter. “With this in mind – and less than 100 days to go until Christmas – there’s plenty of time to raid your local charity job and scour eBay, Vinted and Facebook Marketplace for unique second-hand gifts.
“From vintage jewellery and rare records to unique homeware and other one-of-a-kind finds, second-hand gifts offer a more thoughtful and sustainable approach to Christmas shopping. Not only do they save you money, but they also help the planet.”
8. Talk to your family and friends
There can be lots of pressure to overspend at Christmas. But if you are worried about your budget, try being honest about that – chances are you’re not the only one.
“We know it’s not always easy speaking about your finances, but often, your friends and family will be glad to save a few pennies during the festive period too,” Weston concludes. “So why not sit down now and brainstorm some free or cheaper ways to spend quality time together, so you can still celebrate the festivities, without breaking the bank.”
Hunter agrees, adding: “Suggesting a specific spending limit can help everyone adjust their expectations. For larger groups, a Secret Santa can make things even easier and more affordable. Ultimately, don’t feel pressured to spend more than you can afford. Honesty and transparency will help create a more stress-free and enjoyable Christmas for everyone.”
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