There is no denying that Christmas is a more expensive time. With presents to buy and festive dinners to cook, we have more expenses than usual in December. In fact, the Bank of England has even found that UK households spend 29% more than in a typical month — this rise is mostly on presents, food and alcohol.
However, decreasing your Christmas spending and still enjoying the festive period is possible. Today, we are looking at how to save money at Christmas to ensure you have the latest tips to protect your finances this festive season. Scroll down to start preparing for December. Let’s go.
Break Out The Budget
We know there is nothing festive or fun about a budget. However, Christmas savings are earned by being organised, and it is better to get started sooner rather than later. Don’t think of a budget as something that caps your fun. Instead, reframe this idea and think of it as something that protects your finances, while allowing you to have a good time.
Christmas budgets are great at helping you keep track of your spending and the forgotten expenses, such as higher energy bills. You should also be realistic about how much you can afford to spend on gifts. There are lots of great DIY and pre-loved pressies out there, so don’t discount these options.
Embrace The Freezer
Next, it is time to embrace your freezer. Get ready for Christmas 2023 by decluttering your freezer now until you only have the essentials there. You can then start buying Christmas foods and freezing them early.
For example, you can buy nibbles, cheeses, meat joints and other foods in the weeks running up to Christmas. This takes the pressure off the big Christmas food shop and allows you to spread the costs over time.
Work With Family and Friends
If you are planning Christmas on a budget, work with your family and friends to save on big expenses. Large packs of decorations and food tend to be better value when you buy them in bulk. Buying big means you can split the food and the cost, which is ideal if you want to save for Christmas presents and other seasonal costs.
Additionally, if you are hosting your family this Christmas, you can make a plan where everyone chips in for the Christmas food and drinks. This way, everyone helps out. You are also more likely to find deals with more people looking!
Smart Gift Shopping
One of the best ways to find cheap Christmas presents is by making the most of Black Friday and Cyber Monday sales. Yes, these sometimes feel manic. But they also provide great savings in the run-up to Christmas.
Pro Tip: Many online stores reduce their prices the day before Black Friday. Be early to secure your deal. This year, Black Friday is on November 24th. Note this down to grab your goodies!
Alternatively, you can secure affordable Christmas gifts by hitting the shops with a plan. Make sure you create a budget for gifts and stick to this when buying. It is also helpful to agree to price limits on gifts, as this removes the fear that you need to buy more to impress others.
The Takeaway
Let’s make Christmas 2023 the best one yet. Hopefully, these spending tips have inspired you to start planning now. And if you are reading this in December, don’t worry! You’ve still got this.
Check out the Cash Asap blog to learn more about savings and personal finance.
