How to Save Money This Christmas: 8 Top Tips
Christmas will be here before you know it and it’s bound to cost a pretty penny. Rather than struggling for money throughout the festive season, you must take the steps to organise your finances to pay for presents, decorations, and food for the whole clan.
To ensure money worries don’t ruin your yuletide spirit, read the below top tips on how to save money this Christmas.
1. Create a Festive Budget to Start Saving for Christmas
It’s essential to have a firm understanding of your income and outgoings in the run-up to Christmas, so you will know how much money you will have to spare for the jolly holly season.
Pull up a spreadsheet and note down your income and detail your expected bills, such as mortgage/rent, insurance fees, TV packages and subscriptions, food shopping, energy bills, and much more. Factor in variable costs, such as loved ones’ birthdays, social outings, and takeaway meals.
Once you have identified exactly how much money you will have to spend, set aside a specific sum each month to start saving for Christmas.
Consider different ways to reduce your expenditure, such as skipping restaurant meals, cancelling gym memberships, or comparing the market to find the best deals for various services.
2. Buy Presents in Advance
Once you have created a budget and know how much money you will have to spend on each loved one, make a list of gifts to buy them for Christmas.
Regularly browse the market many months before Christmas, as you could secure an item for a fraction of its cost. It’s a great way to secure a deal before prices rise during the festive period, and your loved one will be none the wiser.
You’ll have more money to spend on food, decorations, or even a bottle of bubbly or Baileys for Christmas Day.
3. Shop Wisely with Price Trackers
Price trackers can help you to find an item for the best price online. For example, the likes of Camelcamelcamel and Idealo will provide details on how a price has fluctuated over time and the cheapest place to buy it.
Use a price tracker when looking for gifts to identify if its price is rising or falling, so you can decide whether to buy it now or wait a few weeks to secure a better deal.
4. Suggest Secret Santa
Secret Santa is a handy option if money is tight or if you have a large family that’s continuing to grow in size.
Rather than buying individual presents for each family member, you can each pick a name out of a hat and spend £50 (or more or less) on your chosen loved one.
It will ensure everyone receives a lovely present on Christmas Day without costing you all hundreds of pounds each.
It’s one recommendation your family members might welcome, and it could add to the excitement of the day.
5. Buy Unwanted Gift Cards
Slash your Christmas expenses by buying unwanted gift cards for a cheaper price than their value. Many people sell their unused cards on the likes of eBay, with some even dropping the price by 20%.
If you know your son would like an XBOX gift card or your sister shops at Topshop, save yourself money by buying gift cards for the brands at a reduced price.
You could even use the cards to buy items at a store yourself, which could help you shave money off the total before you’ve even reached the checkout. It is, of course, important to read online reviews and the product description before you buy a card.
6. Shop at Online Outlet Stores
Many of the UK’s biggest and best brands have many online outlet stores, which could save you a considerable amount of money this Christmas.
Take your pick from many great products at various outlet stores from the likes of M&S, Argos, Currys, Debenhams, Kurt Geiger, Superdry, Clarks, AO, Lakeland, Sports Direct, and much more.
7. Sign-Up to Cashback Websites
Cashback websites could top up your bank balance this Christmas. The sites are often free to join, and you’ll receive a percentage of your order back when you visit a brand listed on their website and place an order.
You will need to click through to an online store via the cashback website. By doing so, you could save hundreds of pounds throughout the year, which could help you tick items off your festive shopping list with ease.
However, it is important not to allow a cashback site to dictate where you shop online. Always browse the market to find the cheapest deal and receive more value for money.
8. Buy Train Tickets ASAP
Are you travelling via train to spend Christmas with a loved one? If so, buy your tickets as soon as possible to receive the best price. Most operators tend to launch their tickets 10-12 weeks before a journey.
To ensure you don’t miss out on the best rate, sign-up for a free alert to buy tickets that are likely to increase in price or sell-out quickly.
