Tricks to Save Money this Christmas

Christmas 2022 is set to be a slightly thrifty one for many households in the UK. There’s rampant inflation, driven in part by soaring fuel prices.

While we might associate the season with pulling out all of the stops, and going for luxury wherever possible, there’s no reason that you need to spend an enormous amount. What’s more, reigning in your Christmas spending needn’t mean making compromises on the experience. Do so, and you’re much less likely to suffer from money-related anxiety in the new year.

Money-saving Methods

There are a few tried-and-true methods that will help you to limit your spending.

Budgeting

Before you start spending, it’s worth setting out a budget. This will be based on the total amount you expect to be able to spend. You can then divide it up into the various areas of spending, and avoid going overboard. So, if you decide that you have £100 to spend on gifts, and you’re buying for ten different people, you’ll know that you can spend around a tenner on each. Chances are good that you’re going to be closer to some of those people than others, so you can adjust the proportions accordingly.

Do a Secret Santa

A great way to limit the amount that you spend on gifts is to arrange a Secret Santa. This involves getting a group of people together, and drawing lots so that everyone is buying for just one other person. That way, you can provide and receive one great gift rather than several not-so-great ones.

For certain kinds of key workers, there as special deals such as Argos discount codes which are well worth investigating when you’re shopping for presents.

Chip in for Christmas dinner

If you’re hosting for Christmas day, then you might be amazed at how much you end up spending on the Turkey and all of the associated niceties. To soften the blow, you might collect a small amount from each of your guests. Since they’re all in the same boat, they might recognise how useful this kind of step can be. Or, if you feel less-than-festive asking for cold, hard cash, you might ask various people to chip in different elements of the party. One person might prepare a Christmas pudding, for example, while another might be in charge of drinks.

Avoid buy-now, pay-later schemes

You might be tempted to go into debt in order to finance a great Christmas – but that’s a mistake. The debt will cause you to suffer in the future, and you’ll end up paying extra in the long term. In some cases, the decision can be financially crippling – so it’s almost always better to cut your spending than to be tempted by buy-now, pay-later schemes. This form of finance, while debt-free, will incentivise you to spend beyond your means.