Whether you’re getting ready to indulge in festive spending or aiming to be more mindful of your expenses, here are some practical and supportive tips to help you make the most of your budget:
Plan Before You Spend
Let’s kick things off with a solid game plan – a budget. It’s not just about restricting spending; it’s about understanding your needs and how much you can afford to spend. On average, people spent £642 on Christmas in 2022, and December tends to see a 30% increase in what we spend. Break it down – gifts, food, drinks, entertainment, and don’t forget your regular monthly bills like rent and utilities. Playing it safe make sure you won’t wake up in January with a financial hangover.
Stay Mindful of Your Expenditure
Once you’ve worked out your budget, keep it in check. Use a system that suits you – be it a trusty notebook, a helpful app, or a good old Excel sheet. If your bank offers account alerts, consider signing up for them to stay on top of your finances.
Consider ‘Family Gifts’ or a Secret Santa Approach
If your gift list seems overwhelming, propose a Secret Santa exchange or opt for ‘family gifts’ – a shared box of treats, a tin of goodies, or a fun board game everyone can enjoy. It’s a win-win for both your budget and the joy of shared experiences.
Embrace Secondhand Discoveries
Going second-hand isn’t just thrifty; it’s environmentally friendly. Explore charity shops, car boot sales, or online platforms like Vinted and Facebook Marketplace for unique finds that won’t break the bank.
Optimise Your Deliveries
Delivery fees can add up quickly. Check out delivery passes from supermarkets or take advantage of a free trial of Amazon Prime for cost-effective shipping. Just remember to cancel before the trial period ends.
Automate Your Savings with Discounts
Explore browser plug-ins like VoucherCodes ‘DealFinder’ on Chrome for real-time alerts on online deals. It’s like having your own money-saving sidekick while you shop.
Cash In with Cashback
Sign up for cashback sites like Quidco or TopCashback. Earn a percentage of your spending back as a reward for your purchases!
Hunt for Clearance Deals
Keep an eye out for end-of-line deals from your favourite brands on platforms like Currys PC World, Joules, and Dune London. eBay’s Shops Hub is an excellent starting point for finding hidden treasures. Remember, that you can always pick up bargains in the Boxing Day sales for those relatives you don’t see on the big day itself.
Subscribe for Savings
Joining a retailer’s newsletter can bring instant discounts and early access to Christmas events. Pro tip: use a separate email for receipts and marketing emails to keep things organised.
Be Wise with Credit
Avoid using loans and credit cards to fund your holiday expenses. If necessary, use a credit card with an interest-free period and consider switching to one with a longer introductory rate. This allows you to spread repayments over an extended period for a lower interest rate.
If you need help with money advice, benefits or debt then Our Tenancy Support Services include money advice and income maximisation support to help you improve your financial wellbeing and tackle any issues you may have head on. Get in touch with us at tssteam@kha.scot or by calling our Customer Solutions Team on 01592 630922
Here’s to a holly, jolly, and budget-friendly holiday season!
