Forward Planning To Save Money This Christmas

Although many people may object to the notion of ‘Christmas’ being mentioned this early on, we have a few suggestions as to how you could start thinking about the festive period in an economic fashion, both in terms of time and money.

Be proactive

Planning the expenditure that you intend to spend on your family and friends well in advance cannot be underestimated. Being organised when it comes to buying presents enables you to make purchases methodically rather than making a last minute panic purchase on Christmas Eve.

However, don’t let that make Christmas presents the key priority, think about how you intend to decorate your home; whether you need to travel and the extent to which you will prepare food & drink over the festivities. By making your plans earlier, you are less susceptible to paying inflated prices for items close to Christmas, meaning that the purse strings have a bit more space to breathe.

Be creatively clever

Small adjustments could be made to your Christmas routine in order to make small cost savings. As well as saving money you are creating lots of fun for the family.

Alternatively, you could use these items as a way to decorate your house rather than resort to the traditional decorations that you have had stowed away in your loft for a number of years. Look to Instagram and Pinterest for inspiration on how you could use your crafting skills to their fullest effect this holiday season.

Sell Sell Sell

Think about items that you might have received from previous Christmas or birthdays that you no longer require. These products may be of use to other people, so your best bet is to place them on to eBay or Gumtree to boost your Christmas budget a little.

This may also allow you to indulge in some sales shopping come January, when high-street retailers hold massive sales both online and in-store.

Save the day

If you decide to draw up a budget for the festive period, calculate how much you think you could save realistically each month. Once this is decided, look to set up either a cash ISA or a current account to ensure that you earn interests on these savings, even if the interest rates do not look too exciting at the time. Use sites such as Money Saving Expert to search for the best rates out there.

After setting up your account, put in place a standing order from your current account transferring your monthly savings in to your ISA/current account.

Stock up

Consider the essential products that you buy all year round, such as food or kitchen foil and think about the potential increase in price over the festive period. Minimise the expense by buying in bulk 2-3 months before Christmas to make sure you are covered.

Reward your loyalty

Think about the number of loyalty cards that you have inside your purse and the amount of money you are likely to have saved throughout the year visiting your favourite supermarket and retailers. Take a look at the back of your till receipt and the total cost of rewards is likely to be higher than you think.

If you feel that a Christmas present on your shopping list is likely to put a little bit too much strain on the purse strings this month, take advantage of your loyalty card points.

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