Last Updated on: 31st July 2022, 05:10 pm

Having A Christmas Budget  

It’s never too early to start thinking about Christmas, especially as statistics have shown that when it comes to us Brits, we spend on average a staggering £740 more during the month of December. The majority of this extra expenditure covers all manner of seasonal items, from gifts to partywear. It’s therefore incredibly helpful to have a budget for Christmas and to have some existing savings in the pot to help you out. 

There are several ways to make saving up for Christmas easy and affordable – after all, no one should feel they need to put themselves into a place of financial hardship due to the festive season. If you’re looking for the best tips for saving up a Christmas budget, check out these tried and tested methods below.

1 The best tips for saving up a Christmas budget is to start saving early.

The best way to ensure you have a decent-sized Christmas budget come December is to make sure you start saving as soon as possible. The sooner you start saving, the longer you will have to ensure you are putting away a good amount of money to spend over the Christmas period. There are plenty of saving challenges that can help you to put away a small amount of money each week/month that you can check out if you need inspiration.

2 Make the most of AI Savings Apps and Online Banking Features

We all know that these days there’s an app for everything, and when it comes to personal finance, you’re not short of options. There are plenty of FCA approved apps that are free to sign up to that help you to save money by monitoring your average weekly spending and pocketing away a small amount of money each week. Many online banks also have this feature, such as Monzo. Small amounts of money, based on your average weekly spend, are taken from your bank account and deposited into a savings pocket. You can have several pockets and distribute your money between them however you see fit – for example, you may have a savings pocket for Christmas, birthdays, new clothes, holidays etc.

3 Save up your Christmas budget by using leftover gift cards.

Have you ever received a gift card for a store that hasn’t interested you? I know that I certainly have. A brilliant way to use these up is to add them to your Christmas budget. Essentially, gift cards are free cash – the catch being that you can only spend that money in a specified store. Utilise your leftover gift cards by purchasing gifts for others with them. Don’t forget that gift cards have an expiry date, so be sure to check this before heading to the shops or regifting the card itself.

Never put yourself into debt at Christmas.

It’s not always easy to build up a Christmas budget, and with the festive season being so expensive, people often feel the pressure to deliver. If you are struggling to raise money at Christmas, be honest with your loved ones. Please do not feel that you need to put yourself into debt in order to buy gifts for those around you – instead, explain your financial situation and those around you will likely not mind in the slightest if you cannot afford to purchase gifts. Christmas is, after all, about spending time and making memories with the people you love most.