12 festive money-saving tips
There's all sorts of fun to be had throughout the holiday season, with many of us celebrating Christmas, Hanukkah, or just taking the opportunity to show our love to family and friends. But this time of year can also be costly and stressful. It’s not always easy to keep on top of things with all the extra expenses. So, we’ve put together a list of top tips to help you save money and feel in control this festive season.
1. Plan ahead
Consider what you’ll need to spend money on over the festive period and try to budget accordingly. The earlier you do this the better. Think about how much you’ll spend on gifts, food, and treats, as well as all your usual bills and outgoings.
This free Budget Planner from Money Saving Expert can be a helpful tool to use. Once you’ve made a plan, try your best to stick to it.
2. Review your current outgoings
Have a look through your bank statement and keep an eye out for anything you might not need. There might be a couple of subscriptions that you could cancel or pause to save a bit of money, or even something you’d forgotten you signed up to.
3. Start buying early
Make a list of gifts early in the year and keep an eye out for discounts. This is a great way to get the things you want for a reduced cost. There might not be as many sales and offers on in December when most people are buying their presents, so make the most of discounts when they’re available.
Black Friday falls on 29 November this year, and lots of retailers will have big discounts. Ticking a few items off your list in the Black Friday and Cyber Monday sales can be a great way to save, without compromising on the things you want to buy. Making a list in advance can help to avoid impulse buys.
4. Think about the long term
It can be tempting to run up an overdraft or take out extended credit agreements when you need money quickly. But this will work out much more expensive in the long run. Wherever you can, only use the money you have available, and speak to your bank for advice before going down other routes.
5. Consider making a NUPP (No Unnecessary Present Pact) with friends
Sometimes it can feel like we’re just buying presents for the sake of it, or out of obligation. This is especially true when others have bought us something first.
Sometimes the best present you can give someone is the gift of not making them feel like they need to get you something in return! Have a chat with friends, extended family, and colleagues and consider making a pact to not get each other gifts.
This will free up more money to spend on children if you have them and close family, or simply allow you to save.
6. Do a Secret Santa
If you don't want to stop gift-giving altogether with friends or family, consider doing a Secret Santa with a group of them instead, where each person only buys one gift. That way, you can all agree on a budget, and everybody gets to experience the joy of giving and receiving without spending lots of time and money on it.
7. Give the gift of your time
Another way to save money on presents is to not buy anything at all. Instead, you could write a ‘cheque’ promising to do something nice for the other person, like washing their car or making them breakfast in bed. Or you could organise to do something together, like a winter walk or movie night.
Homemade cards and gifts are also a heartfelt way to show your family and friends you care. They can be very low cost, but the time and effort you spend on them will be hugely appreciated.
8. Contact your service providers
If you’re struggling to afford to heat your home or pay your electricity bills with the additional festive costs, contact your service provider. If you receive benefits, you could be eligible for discounted ‘social tariffs’.
9. Be thrifty
Shop around and try as many different places as possible to find the best price. Online prices are usually lower than those on the high street, and don’t forget charity shops and second-hand sites like Vinted and Ebay too.
You can also save on wrapping paper and gift tags by making them yourself. This can be a really fun activity to do with kids too. There is a great guide to making potato-print wrapping paper and more on Prima.
10. Book train tickets in advance
If you’ll be travelling to visit friends and family this December, try and get your plans confirmed as soon as possible. Rail operators usually release tickets around 10-12 weeks before the date of travel, so if you get your tickets then, you’ll be first in the queue for the cheapest ones.
11. Ask us for advice
Our friendly team can help you to maximise your income by completing a full benefits check. If you’re eligible for any benefits, we can support you through the application process, as well as the appeals process if you’ve had any benefits taken away.
If you’re worried about debt, we can signpost you to organisations and resources that can support you. Please also get in touch with us if you’re struggling to afford your rent or service charges, food, or heating. We'll always do everything we can to help.
If you’d like support, please call us on 0300 555 0500.
12. Start thinking about next year
While it might seem a long way away, you’ll be dusting off those decorations again before you know it. Have a think about how things went this year, and make a note of what went well and how you might do things differently next year. If you can, it’s also a great idea to put a little bit of money aside each month to make things easier for the next festive season.