Yahoo Finance Christmas budgeting: how to stay on top of your festive funds
Christmas is our favourite time of year: all the feasts, friends, family time and endless excitement. It can also be a very stressful period, especially when it comes to the strain on our finances.
Reports of rising costs - from fuel to food, toys to trees - aren’t doing much to assuage our fears about having to stretch ourselves financially even more than we’re used to come December.
No matter our funds, we can all make the most of Christmas this year, especially if we’re a bit savvy about our spending and start planning ahead.
Save on your food shop – and make the most of free reward schemes
Bargain-hunting has practically become an art form, and smart shoppers know that if they’re looking in the right places, there are plenty of freebies to had across food and entertainment.
Compare the Market customers get Meerkat Meals and Meerkat Movies, offering deals on eating out and takeaways, as well as 2 for 1 cinema tickets on Tuesdays or Wednesdays. Which covers pretty much all we want to be doing over the Christmas break.
In the supermarket, it starts with the festive food shop. Yellow-sticker hunting can score you products that have been discounted by as much as 90%, many of which can be frozen on the day of purchase and eaten at a later date. There’s also a little-known secret that heading to your favourite supermarkets later in the day is a great way to pick up newly reduced bargains.
Expanding your repertoire when it comes to where you shop - and what you buy - can also save you money this season. The savings experts at discount shopping app, Cherryz, advise branching out beyond traditional supermarkets. “Exploring smaller, online retailers could save you heaps on your festive feast. You won't have to scrimp on your favourite brands either; expect the likes of Cadbury and Fox's for less.”
Shopping online can also save you cash. Often, smaller retailers offer new sign-up discounts of as much as 20% off, as well as daily and weekly deals. “Plus, you're less likely to be tempted by things you don't need once you reach the checkout. It's a no-brainer for those wanting to save the pounds,” according to the experts at Cherryz, who also encourage shoppers to avoid those costly “festive” food ranges. Anything you make yourself will be cheaper than pre-bought items. Also: remember to freeze all leftovers so you have meals through the early part of January.
Christmas is just a day, but the festive break typically lasts for several, so you’ll be able to snag some discounted treats the day after Christmas or Boxing Day (supermarkets tend to make big reductions after holidays). Use your cashback and loyalty card savings and buy in bulk when you know you’ll use something.
How to save on Christmas gifts and toys
Not only are toy prices set to go up this festive season, but stock issues are also a big worry for retailers. So thinking outside of the box and opting for preloved gifts might just be the answer for anyone looking for a bargain - and something unique. Initiatives like Secondhand September and the popularity of sites like Depop among the Gen Z demographic are helping to normalise secondhand shopping. Even for those who are more reticent, vintage jewellery, accessories and homewares are always a good bet, as are secondhand books. Even kids won’t mind preloved toys - after all, they’re “new” to them, and you can find everything from Lego to doll’s houses to retro board games online and in charity shops and car boot sales. DIY Christmas gifts are another fun option for those who are crafty and looking to save on presents.
If you already have your eye on a few gifts for people, look out for sales throughout November in the lead-up to Black Friday, where everything from gadgets and electronics to bedding and beauty buys are discounted. If you’re a fan of a particular brand or retailer, sign up to their newsletter for additional savings.
Make sure you’re not overpaying on home comforts
The best bit about Christmas often isn’t the day itself. It’s the lounging around watching telly with family, the competitive video gaming long into the night with siblings and the endless social media scrolling to see how everyone else is spending their festive breaks. Before bunking down at home for a couple of weeks, do a recon of how much you’re paying for what. You can use Compare the Market’s neighbourhood bills calculator to check your broadband and home insurance costs against those in your neighbourhood. The broadband speed checker allows you to compare your connection with different providers in the area.
Taking sensible, easy steps to reduce costs around the house over the festive period will win you eco-points as well as saving some pounds. Throw on a blanket instead of turning the heat up, remember to turn all the lights off and don’t use excess water by minimising how often you do laundry and run the dishwasher (fewer, fuller loads is best).
