Top tips for saving this Christmas

We know what you’re thinking. Christmas? Already? Isn’t it a little early? We know that Christmas keeps on getting earlier, but from a financial point of view, that’s not a bad thing. Financially preparing for Christmas is essential.

We’ve put together ten tips we think Yule love to make sure you manage this festive season.

 

 

Don’t take out credit

We understand you might want to give your loved ones the best present you can, but in the process you shouldn’t get yourself into debt. Keep in mind that if you’re on a debt solution, you should seek the advice of your provider before taking out further credit. If you’re not currently on a debt plan and you’re adamant you’re going to take credit, make sure it’s 0% interest.

Give homemade gifts

Homemade gifts are always a great idea. Not only are they good for your bank balance, but the time, thought and effort never goes unappreciated. Sometimes, the only problem can be thinking of ideas. We’ve had a look around for you. We found this list of 100 great homemade gift ideas by The Spruce Gifts to be the best.

Virtual Christmas parties

This might be the first Christmas in decades that the streets won’t be lined with party goers. Whether the pubs and bars are open, it looks likely at this point there will be restrictions in place. This year, in the interest of doing your bit to stop the spread of coronavirus, and to save a few pounds, you could do a virtual Christmas Party. That way you can save on the expensive drinks, the expensive taxi ride home, and avoid being at the brunt end of any embarrassing stories on the Monday morning.

Sell what you don’t use

If you need to generate some money for gifts, take a look around your house. You probably have lots of things you don’t use anymore. Maybe there’s a computer console that no one uses, a present from last Christmas that wasn’t even opened. Take a look and put what you find on an auction site such as eBay or flog it on Facebook’s Marketplace.

Secret Santa at home

We say secret Santa at home, but what we mean is do secret Santa in as many situations as you can! By doing that it makes it much easier to budget. And as the cost per present is usually relatively small, you save money in the process. As you’re less likely to all be together this year, why not use digital secret Santa. It makes it easy to secretly assign who will be buying for who.

Book train tickets in advance

Train tickets are usually released 10-12 weeks in advance. If you know you’ll be travelling home for Christmas, start to shop around for cheap tickets now. Of course, in these uncertain times, it’s hard to know that, come Christmas, you will be able to travel. Make sure you consider the cancellation policy incase travel restrictions are put in place.

Agree not to buy presents

If things are particularly tight right now, it might be worth seeing who would agree to no presents this year. Ok, this might make us sound like Scrooge, and it’s not really in keeping with the festive spirit. That being said, Christmas shouldn’t be a financial burden. We’re not saying you shouldn’t buy gifts for your close family, but maybe there are some friends you can think of who would usually buy for who would be open to the idea.