Save Money by Planning Christmas Early

We know it’s September and Christmas is months away. We’re also aware this celebration is probably the last thing on your mind right now. However, if you want to save money this year on an occasion which can be quite expensive, now might be a good time to get planning.

Did you follow our advice from last year?

On average, Brits will spend more than £500 just on gifts for Christmas. That’s more than some people receive in their December paycheck alone. Perhaps it’s no surprise that around 10% of us start planning for the festivities in July.

Maybe we weren’t so early with this post after all…

We all know how expensive Christmas can be – especially if you have kids – so it’s common for people to enter January with a ‘debt hangover’. We want to prevent that from happening so here are some suggestions which could help cut the cost:

Set a Christmas budget

To help avoid overspending, it’s important to create a Christmas budget and stick to it. Ensure this sum is reasonable and covers what you need. Don’t worry if this budget is smaller than what you’d like. After all, your loved ones and relatives wouldn’t want you to get into debt because of them.

Work out how much you need to save

Now you’ve got this budget, you should work out how much you should have saved to fulfil your goal. Therefore, if your Christmas budget is £500, you should aim to bank around £160 per month between now and December.

Shop around to get good deals on gifts

It’s no secret that some businesses hike up the cost of their products in the run-up to Christmas while advertising them as special offers. However, end of summer sales can be a good opportunity to get gifts while shops look to clear out stock.

As a bonus, it’s a great feeling having Christmas all wrapped up (no pun intended) in November.

Get travel tickets early

At Christmas, it’s common for us to visit relatives and loved ones – but all that running around can become expensive. It’s worth getting your tickets booked as soon as possible because these prices will only increase the longer you leave it.

A train ticket which could have cost you more than £100 might be yours for less than £50.

Start planning now and save money in the long run

There’s no argument that Christmas can be an expensive time of year but, if you start planning now, you could help cut the cost later. Hopefully, this could result in a much less stressful holiday period.

However, if your budget for Christmas refuses to budge past the £0 mark, then perhaps it’s time to do something about your finances. For example, with an IVA you could ultimately write off your debts while leaving you free to make one affordable payment each month.

Potentially saving you hundreds each month, it could be just what you need to make Christmas affordable.

Further reading

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