Christmas is a magical time and one that should be spent with your nearest and dearest. However, it can be hard to tackle the inevitable costs that come with the festive period and you may be worrying about how you’re going to afford it.
If you’ve been saving up for Christmas over the last year, we’ll be offering some tips and tricks on how best to make the most of your savings.
Firstly, we recommend that you don’t make your purchases straight away. If you’ve seen a product you’d like to gift someone, be sure to shop around and see if you can find it cheaper elsewhere.
There might be some shops that are running promotional offers on the product you’d like to buy. Check to see if you can access any vouchers or even look for cheaper alternatives online.
Make the money work for you
Rather than letting your money sit in a current account, you could consider looking into easy access savings account so that your money can gain as much interest as possible.
Having secure savings could help improve your credit score, allowing you lower interest rates on various financial products and a better chance of credit card and loan approvals.
Assess your priorities
The festive season can often encourage the temptation of frivolous spending and overindulgence. You should assess your priorities and work out where you can make the savings and decide how best to spend your money during this festive period.
Decide whether socialising and buying presents for friends is a necessity this year. Gift-giving to those outside your family can often cause stress, debt, and worry. It’s easy to buy presents with money that you don’t have just to please your friends.
And, while you don’t want to be the one to have the conversation, it could be worth having an open conversation with your circle of friends about how you’d much prefer to save the cash this year.
It’s easy to get caught up with what the people around you are posting on social media. But, it’s important to remember that this is simply just a highlight reel of their lives, so comparing yourself is unfair and damaging.
Watching everyone attending Christmas parties and taking part in festive activities can make you feel like you’re missing out. This, in turn, can lead to unnecessary spending, which won’t do you any favours when it comes to saving for Christmas.
If the pressure appears to be getting to you and you’re beginning to worry about how you’re going to afford Christmas, we recommend you seek the right support, either from your friends and family or financial organisations and charities. They’ll be there to offer guidance and help you get back on your feet.