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Christmas present saving tips

23 November 2018

  • Last year the average person expected to spend £750 on Christmas
  • Yorkshire Building Society has shared money saving tips to help shoppers this Black Friday and Cyber Monday
  • Savings experts encourage shoppers to plan ahead to save money

Christmas shoppers are being encouraged to make a list and check it twice before hitting the shops for festive gifts.  

The advice is part of a list compiled by Yorkshire Building Society to help people keep their finances in check, after it was revealed that the average Brit last year expected to spend £751* on the festive season.

Louise Halliwell, senior savings manager at Yorkshire Building Society, said:

We don’t want to tell people how to spend their hard-earned money but the cost of Christmas, for many, can be quite daunting and stressful.

There are a number of things shoppers could do to help their finances, but preparation can be key to avoiding unnecessary expense or worse, debt, when the panic of Christmas shopping kicks in.

Savings experts at Yorkshire Building Society have shared the below tips to help the season’s shoppers facing Black Friday, Cyber Monday and the remaining lead up to Christmas:

  • Ho-ho-homemade – gifts don’t need to be expensive, some of the more thoughtful ones can be the cheapest. Put your (and your children’s) creativity to the test and craft presents for friends and family, bake or invite people for dinner rather than splash out on gifts.
  • Choose memories over money – agree with friends to make memories together rather than spend money on each other. If you’re going out for the day or just for lunch, bill it as a Christmas catch up instead of buying gifts.
  • Fail to prepare, prepare to fail – if you need or want to stick to a budget this year, preparation is key. Set affordable limits for each recipient and where possible, hunt out gifts under budget. Consider what you might get in advance so you’re focused when shopping and don’t plunge for something pricey.
  • Make a list and check it twice – take Santa’s advice when it comes to who you’re buying for. Make a list of who and what you hope to get and stick to it.
  • Buy for one, not for all – if you don’t want to broach ‘no presents’ with your nearest and dearest why not suggest setting up Secret Santa for family and close friends. That way you only need to buy one present, saving you money and time.
  • Agree to a ‘no buy’ rule – if you’re feeling brave, why not discuss and agree with family and friends to not buy for one another – they might even thank you for it!
  • Delay December spends – if you usually buy for someone but you’re not going to be seeing them over the festive season, celebrate at a later date using funds from a different pay packet.

* YouGov Christmas Spending Intentions 2017

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