Money Saving Tips This Christmas

Money Saving Tips This Christmas | Xmas saving tips | YBS

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At a glance:

Christmas can be a pricey time of year.

We've put together our top tips to save you money this festive season so you can worry less about the cost.

Secret Santa, homemade gifts and spreading the cost of Christmas across the year could help.

Set a budget

Setting a budget for all your Christmas spending lets you know how much you need to save in advance. This can be a handy way to keep motivated to save and spread the cost across the year.

Make a list of everything you might need to spend money on, such as:

Stocking fillers – this is a perfect chance to add the homemade touch.

Gifts – make sure you include the postage costs here if you’re buying online.

Decorations – buying a new tree every year will increase your costs here.

Food – if you’re hosting, this could increase your budget by a lot!

Travel – booking in advance can help make trains cheaper.

Making a list will help you to track your spending and can also help with organisation!

Secret Santa

You won’t be the only one feeling the pinch this Christmas, so why not set up a Secret Santa with your family and friends?

If you’ve never done it before, instead of buying everyone in your family or friendship group a present, you’ll only have to buy one. You draw names with your chosen group and buy a present for the person you are given. You don’t tell them until the big day!

Secret Santa is a great idea for bigger groups as it saves both money and hassle. It can also mean that you can pick out a really thoughtful gift for one person, instead of a lots of general presents.

Online tools like drawnames are a quick easy way to set up your Secret Santa and people can even add a wish list.

Buy at the right time

On the run up to Christmas, you’ll likely find plenty of festive sales – but try not to get carried away!

Big sales, like Black Friday, aren’t always good value. Items for sale could be cheaper at other times of the year, so try not to splurge.

Some great ways to grab a bargain are:

Buy second-hand gifts from sites like Vinted

Extensions, like Honey, which can find discounts for the site you are visiting

Combine your orders – buying a few presents from the same place (at the same time) can save you money on postage

Try to spread present buying out throughout the year, and pick the best times to buy seasonal items.

Try homemade presents

Homemade gifts are a brilliant way to save money but also shows your loved ones that you put effort into their gift.

Sites like Pinterest provide lots of free inspiration, if you are keen to get creative over the festive season. Top picks include:

Food – chocolates, sweets, biscuits, cakes and jams can make tasty presents

Decorations – baubles, wall hangings, garlands, tree toppers, wreaths and can be fun to create and make timeless gifts

Art – if you’re a dab hand at drawing, sewing, embroidery, calligraphy or collage, make and frame something they will cherish

Give regifting a go

Regifting has a bad reputation, but it doesn’t need to! If you’ve received a gift in a past that isn’t right for you, but you’re sure someone else would love it, wrap it up for a regift!

Only buy the food you’ll need

Christmas dinner is one of the best parts of the festive period, but you should try to be realistic about how much food you need to buy.

At Christmas in the UK, 25% of people end up throwing away food. Try to plan for how many people you need to feed, cutting waste and saving money.

You could also consider a ‘potluck’ style meal. This means that everyone who is coming for dinner brings a dish, this saves one person buying and cooking everything.

Save throughout the year

After Christmas is over, you can start saving for the next one. It may seem like a long time away, but putting away even a small amount every month means you’ll find it easier to pay for next year. Following a savings challenge could help you get into the habit.