Posted by For many, Christmas is the best time of year. It brings an opportunity to come together with loved ones, enjoy a well-deserved break from work, and take part in the season of goodwill. But for others, it can be a stressful and expensive time. If you’re more concerned with finances than festivities, here are six useful tips for saving money this Christmas.
Budgeting
The first thing you should do if you’re looking to save money at Christmas is plan out a budget. Start by working out how much you can afford to spend this Christmas before making a note of everything you’ll need to spend money on.
There’ll be some things that you can consider as essentials. For example, your food for the holiday season. For everything that is non-negotiable, jot down how much it will cost you to purchase. This will then leave you with how much you have to spend on luxuries such as presents and decor.
For these items, split your budget accordingly and, most importantly, be specific. Don’t just budget for how much you’re going to spend on presents, set a budget for each individual person you need to buy a present for. This is the best way to give yourself an accurate budget.
If you find yourself spending more than you can afford, resist the urge to turn to a credit card as this could easily lead to credit card debt. Instead, prioritise certain areas by cutting out non-essential items such as new Christmas decorations.
DIY Gifts
If you’re somewhat of an arts and crafts specialist, you might be able to save money by handmaking some of your Christmas gifts. Older family members, like Grandparents, in particular will like this. If you have children of your own, ask them to help out to give gifts an extra sense of cuteness.
For example, buy a plain ceramic plate and ask your child to decorate it with handprints or festive paintings. Simpler options include things like memory jars or thank you jars. Simply write down everything you’re thankful to your recipient for and add each reason to a jar for them to read over when they’re feeling down.
Read: How to Choose the Right Credit Card for Your Financial Goals
Secret Santa
Secret Santa is a common gift exchange in workplaces where everyone receives one gift from an unknown sender, hence why it’s called Secret Santa. The main benefit of this is that it saves money as you don’t need to buy every single person in your workplace a gift.
If your family is looking to save money this Christmas, introducing a Secret Santa-style gift exchange is probably the most efficient way to achieve this. First, agree on a budget and then simply put everyone’s name into a hat and ask each Secret Santa to draw a name at random. This way, you won’t need to buy as many gifts but can still take part in the ritual of gift giving.
Shop Secondhand
In years gone by, a secondhand item would not have been top of most people’s Christmas lists. However, the emergence of apps like Vinted and Depop where users list ‘preloved’ items has given secondhand shopping somewhat of a rebrand. In fact, many items on these platforms are unworn and can be bought still in their original packaging with tags.
If you’re in the market for clothing this Christmas, whether for yourself or as a present, it’s definitely worth scouring the abundance of secondhand clothing apps that are available as these items will be far cheaper compared to purchasing from a store. It’s also worth checking out any local thrift stores. Thrifting has become much more trendy in recent years as consumers look to make more sustainable fashion choices. As a result, the vintage items that can be unearthed in these stores are now far more desirable and it’s likely your recipient won’t be too concerned with the fact that they’re not the first owner of the item.
Start Shopping Early
The earlier you start shopping, the more time you give yourself to scope out the best deals and biggest savings. Christmas is a prime time for discounts as stores look to undercut each other in order to win the business of shoppers.
You’ve probably heard of Black Friday and Cyber Monday, two of the biggest opportunities to secure yourself a discounted Christmas gift. As time goes on these sales appear to be made longer and longer by retailers. For instance, a Black Friday sale generally lasts for around a week as opposed to one day as it originally was.
Don’t Fall For Christmas Marketing
Christmas is becoming big business. You’ve probably heard people complaining about how Christmas seems to start earlier and earlier as years go by. And that’s not an illusion, the longer brands can make the Christmas period, the more they can capitalise on sales of gifts, decor and food.
If you want to save money on your Christmas decorations, try not to be lured in by big brands who’ll be pushing the latest trends from as early as October. If you are in the market for new Christmas decor, try searching for luxury Christmas ornaments from smaller brands that will likely be better quality and better value for money.