With Christmas 2023 around the corner, it is time to embrace the spirit of giving. But spending over your means is not a good way to approach the season or your personal finances.
In this article, you will learn how to save money for Christmas 2023 through five practical tips. Save this page now so you don’t forget them. Now, let’s jump into the content!
The temptation to overspend at Christmas is challenging. However, you must always protect and nurture your personal finances, regardless of the season.
Christmas on a budget might sound restrictive, but in reality, it can help you make sensible decisions without wasting money. After all, do you really need the second box of Christmas decorations?
When creating your budget, first decide on the maximum sum of cash you can afford to spend at Christmas. Then, divide this up into subsections, such as food, presents, decorations, drinks and any other big expenses.
With a budget plan in place, you are free to spend without guilt — as long as you stay within the chosen amounts. This often makes Christmas shopping more flexible, as you can spend without feeling remorseful.
Need more help? Learn how to make a budget here.
Saving at Christmas is easier than ever if you plan your expenses around seasonal deals.
In December, many shops and supermarkets offer Christmas saving schemes that give you cashback or bonuses. For example, Tesco’s Christmas Savers Scheme gives you tiered cashback rewards based on how much you spend.
Christmas decorations are for life, not just for Christmas!
Another way to generate Christmas 2023 money savings is by reusing decorations you already own. If you already do this, you can ignore this tip. However, statistics show that the UK is the second largest importer of Christmas decorations in the world. The lights from last year will look just as good in 2023!
If you want new decorations, consider buying from second-hand or charity shops. Not only is this great for your wallet, but your money will also go to a good cause.
The Christmas food shop is at the heart of most family’s preparations. Rather than buying Christmas food just before the big day, consider buying freezable items weeks before. This helps split the food costs and allows you to avoid last-minute rushes.
You should also consider portion sizes. It is no secret that the holidays are about indulgence. However, there is a fine line between overbuying and treating your loved ones. This also saves food from being wasted — a win-win.
However, loans or credit lines are not for everyone. You must pay back the amount you borrow on time and with interest payments. If you fail to do so, you could have financial problems and make it more difficult for yourself to access credit again in the future. Never borrow more than you can afford to pay back.
Whether you swap expensive gifts for sentimental, low-cost Christmas presents or stick to a stringent budget, there is always a way to make Christmas work on your budget. Hopefully, these tips have inspired you to prepare for the most wonderful time of the year.
Check out our other great content in our Info Hub, with articles about the different types of credit products, money management tips and help with saving money!