Christmas is on its way and it’s clear that, for many families, finding extra money to pay for this year’s festivities is going to be easier said than done.
The good news is that, with a little financial planning, you can make your money stretch further than you think. Here, Greg Potter, Head of Member Experience at Leeds Credit Union, presents his top Christmas budgeting tips!
1. Be realistic about what you can afford
Christmas is only one day and it’s not worth getting into debt for, so don’t worry about throwing your family a dream Christmas with all the trimmings – stick to what you can afford.
2. Make sacrifices
They don’t have to be significant but, as the saying goes, every little helps. For example, if you stop buying a £2.50 coffee every morning before work over the coming weeks, you could save approximately £100 and add it to the Xmas fund instead.
3. Start shopping asap
Keep your ‘people to buy for’ list handy and if you see something suitable at a discounted price, buy it now.
4. Don’t be a snob
Don’t get the most expensive turkey, stuffing and gravy you can find, shop around for cheaper alternatives. Higher brand goods don’t necessarily mean better quality and once they’re on the table, nobody’s likely to ask where they came from anyway. The same goes for accessories like crackers and wrapping paper.
5. Only buy presents for immediate family
If money’s tight, remember you’re not obliged to buy anyone anything.
If you’re determined to buy gifts for colleagues, friends and extended family members as well as your nearest and dearest, why not agree to a £5 or £10 cap on presents?
6. Get creative
Instead of buying presents this year, why not make them? With some creative thinking, you can make yourself an abundance of great, affordable ideas anyone would be delighted to receive on December 25th.
7. Shop around
There are plenty of bargains to be had if you know where to look so keep an eye on ebay and Facebook Marketplace. If you’re shopping in person, have a look in your local charity shop and always remember to compare high street prices v online prices before making a purchase.
8. Sell to buy
Most of us have at least a few items we could live without so, if you’ve got anything you haven’t used for a while, why not sell it and put the profits towards Christmas?
9. Keep an eye on Black Friday deals
Black Friday used to refer to the sales that took place on the Friday after Thanksgiving in America. Now Black Friday lasts for weeks and, thanks to online shopping, is available all over the world!
This year’s event officially begins on Friday 28 November, but keep an eye on your favourite shops, their websites and Amazon in particular for information about pre-sale offers.
10. Plan your journeys now
If you’re going to be using trains to get around over the festive period, book your tickets asap – discounted tickets usually go on sale around 10 weeks before the date of travel and sell out fast.
Leeds Credit Union provides affordable financial services to people in Leeds, Wakefield, Harrogate and Craven.
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