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Despite the joy of festive markets, parties, and presents, the mounting costs of the Christmas season can be overwhelming.
To ease this financial burden, Zoe Brett, a financial planner at EQ Investors, offered her expert guidance.
These were her top tips to save money at Christmas and help you enjoy a stress-free celebration.
Plan ahead
“Planning out all of your Christmas spending – such as the travel, food, gifts, socialising etc. – early will help you set yourself a realistic goal,” Brett said.
“When you can look ahead, you’ll be able to see if it’s starting to look a bit too expensive and know if you need to cut back on a few things.”
But if you plan and buy everything last minute, you’ll have barely any control over the cost.
“As it gets closer to Christmas, the prices tend to go up because everything becomes scarcer and scarcer, so people can charge more for them,” Brett said.
Set a budget for presents
“Make a list of all the people you are planning to get presents for and set a budget for how much you want to spend per person,” Brett advised.
“There’s a real temptation to buy extra gifts when you see something cute in a shop, but you’ve got to be rigid with yourself and not fall into the one more gift territory.”
Brett also recommended stayin open and honest about your finances with your loved ones.
“Just be realistic with your friends and family about what you’re going to be spending around Christmas,” she said.
“There’s absolutely no shame in saying to someone, I want to spend X amount of money. They’re not going to want you to feel stressed out for the sake of a gift.”
Take advantage of the sales
“In the run-up to Christmas, take advantage of all the Cyber Monday and Black Friday sales to help you keep the cost of presents down,” Brett said.
“Remember to still stick to your budget so you don’t overspend during the sales.”
Buy an artificial tree and reuse decorations
Resist the temptation to buy a new Christmas tree and decorations every year.
“Get an artificial Christmas tree that you can bring out every year, and don’t feel like you have to renew your decorations every Christmas,” Brett said.
“Try to only buy timeless and classic decorations that are good quality so they won’t break within one use and can be reused every year.
“Keep them locked away in storage, somewhere dry, so they stay in good condition and then they’ll last you for years and years to come.”
Ask visitors to bring something
“If you’re hosting and have other family members coming to you, why not ask if everyone can bring something,” Brett suggested.
“Maybe you provide the main meal and then somebody else brings the dessert and somebody else brings the wine.”
Utilise the freezer
“If you see something food related in the months leading up to Christmas that’s on sale, and you know you’ll want it for Christmas, just buy it and pop it in the freezer,” Brett said.
Spend less on non-luxury food items
“Buy your luxuries strategically,” Brett advised.
“There are some things that you’ll want to spend a bit more money on, but then there are other things where the budget option is not that different from the luxury choice, like vegetables and sauces, for example.”
Find cheap activities
“Be honest with your friends and your family about what you can afford to do and maybe suggest a few home events, rather than always having to go out,” Brett suggested.
“If you want to go out for food, look at the menus first and see if that place is something that’s within your budget, or if there’s a cheaper alternative that everyone would be just as happy with.”
Book train tickets in advance
“If you know that you’re going to be travelling during the Christmas period, picking up train tickets early can help save you a bit of money,” Brett said.
Look for presents in charity shops
“You can get some really good-quality things in charity shops,” Brett said.
“I’m a big advocate for shopping in charity shops because it’s better for the environment, the money goes towards a charitable cause, and you get to pick something cheap. It’s the ultimate trifecta.”
