With the festive season just around the corner, and most shops now displaying Christmas stock, it’s important that you have enough money saved. Especially since, in December, the average UK household typically spends around £740 (29%) more than they usually do. This means that to ensure you stay on top of your finances for 2022, it’s best to plan in advance.
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1. Set a Budget
Setting a budget can save you a significant amount of money because you won’t be overspending without realising it. Take a look at your bank balance and work out other factors first, such as food, rent etc. before calculating how much you have spare. Then, set your goals. For instance, the number of people you plan to buy for. Consider how you will achieve these, too, which might just involve cutting back on the luxuries for a month or two.
However, if you are struggling with your finances and need support, Connect Insolvency can provide professional advice. They also offer a number of insolvency services and resources.
2. Don’t Give Unnecessary Gifts
If you have recently heard one of your friends mention a gift they desperately want or are in need of, it might just be the perfect present. After all, there is no point in buying items that are likely to go unused or be returned. In fact, only three years ago, in 2018, it was predicted that around £143m worth of gifts would be returned to shops. If you also find the list of people to buy for is becoming unachievable, consider cutting it down. Think carefully about who actually buys for you or how often you see or speak to each of those people.
3. Make Your Own Gifts
There are hundreds of simple gift ideas on Pinterest that only require a few low-cost materials. This will help you provide something a bit more different and heartfelt, as opposed to a random body wash and shampoo set from the supermarket. It will also prevent you from going to the supermarket as much, where signs will tempt you to go for deals on items that people might not even use. Plus, you will avoid the Christmas rush.
4. Spend Less on Christmas Dinner
It might surprise you to learn that there are ways you can have an equally delicious Christmas dinner for much less than you usually pay. Besides, the less time you spend rushing around a busy supermarket on Christmas Eve, the better. This could involve swapping your more expensive choice of branded products to a supermarkets own brand items. You should also talk to other members of your household as to what everyone actually eats and what is always left.
5. Play Secret Santa
Supply chain issues that have been reported by a number of well-known media outlets means that there could be shortages this year. If you are not a fan of making your own gifts or don’t have much time to do this, there has never been a better time to try Secret Santa. This is often done in friendship groups, where you only buy for the person whose name you pulled out of the hat. A suitable budget is set, and it saves you from buying for everyone.
Therefore, there are so many ways that you can avoid getting into festive debt, which include ensuring that the gifts you buy for people won’t be forgotten about, as well as not spending loads on Christmas dinner. After all, the festive season is not just about presents.