How to make your money go further this Christmas

As most of us will acutely be aware Christmas and the festive period is one of the most costly times of year. All the expenses associated with this time of year can leave some consumers wondering exactly how best to fund the cost being faced. Between the cost of presents, Christmas dinner and the various activities which take place in the month of December, it is little wonder we all end up over-spending. As is often the case in life it is important to plan ahead for costly months and be prepared wherever possible where our finances are concerns but often Christmas seems to be the one time of year that, although often costs us the most, is when we find ourselves most unprepared. This is why any form of planning, cost management and effective spending during this time of year can only bring rewards and with that, the potential to reduce the stress often linked to the festive period. With all of this in mind today we will be looking at how to make the most of our money in the months that lead up to Christmas and with that ways of reducing cost and saving money.

 

The most logic approach to saving money for Christmas is that of saving for the expense in advance. Whether this means putting some money aside independently each month, saving via one of the a specific schemes which exist or each buying in advance. The key point here is being prepared will lead to rewards financially. Many consumers like to ‘put away’ an agreed sum of money each and every month throughout the year to then be available come the month of December. This approach means that all of the cost of the festive period does not need to be supported by the disposable income of a single months pay. Whether this be saving £50.00 or even £100.00 a month, the point is this method of planning will ensure there is dedicated funds available for the next Christmas period. As mentioned here there are also a number of specific schemes available whereby you are committed to saving for the cost of Christmas. Take for example Park Christmas Savings who offer an online service for saving towards the cost of the festive period. This particular scheme gives you the control for setting your spending and therefore saving budget and then allows you to cover the cost of the gifts you want when the time arrives. Currently Park Christmas Savings has 420,000 customers and the numbers are growing every year.

Another important consideration when it comes to effectively managing the costs of Christmas is being prepared and making purchases in advance. This could mean purchasing certain items as early as January or even November specifically. The benefit of shopping in these months in particular is that the cost can be greatly reduced thanks to nationwide sales. January sales give us the opportunity purchase many items linked to Christmas at up to half the price. Whether this be decorations which can be stored away or even Christmas cards for the following year, usually the cost will be at a great saving. The reason why we have noted November also is because of its massive sale event which takes place yearly, known as Black Friday. Black Friday is an American born sales event whereby on what is usually one day a year, online and high street lenders slash the price of their goods and services. This means there is a vast amount of potential to pick up a bargain. In recent years, Black Friday has become a phenomenal shopping event here in the UK with UK consumers very much embracing this American bound savings event. It is estimated that during the course of this year’s Black Friday event as much as £2.55 billion pounds will be spent via the use of Smartphones alone.

The good news for those of us considering the cost of the up and coming festive period is that there is still time to save money and take advantage of deals and offers which exist. The grown of online shopping in the last decade has led to better competition and therefore an increased ability to save money by shopping around. This in turn has pushed the high street into a state of needing to compete, meaning they too offer deals earlier and with more substance. This therefore means as a UK consumer the months leading up to Christmas give us plenty of opportunity to reduce costs and make our money go that little bit further.

 

Warning: Late repayment can cause you serious money problems - For help, go to moneyadviceservice.org.uk

This article is not intended to contain information about, or advertise, products offered by us but is intended to contain information, give opinions or discuss generally available products/services.

Author: Internal Customer Services Agent

 

 

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