A survey of 2,000 adults who celebrate Christmas has unveiled that 36% have already set out financial plans for gifts, family outings and festive attire. In fact, some started their Christmas preparations as early as January by putting away an average of £63 per month to cover their Christmas costs.
The research suggests that Brits will go to an average of three festive celebrations during the holiday season, and will purchase 12 presents for their loved ones. However, the majority of shoppers believe that planning and devising financial strategies to spread costs throughout the year is the only way to survive the festive period without draining their bank accounts.
One in five have already begun stockpiling gifts – capitalising on sales and buying items in bulk.
Some have already snapped up discounted seasonal greeting cards and wrapping paper, while a tenth have started purchasing new decorations for December.
To maximise any spending that needs to be made in the second half of the year, many are turning to cashback apps while others are amassing supermarket loyalty points for the big Christmas shop.
But it’s not just decorations and presents that Brits are planning for.
The study found that 36% are already steeling themselves for winter bills, setting aside additional funds during the summer months to help cover energy costs as the weather turns colder.
A staggering 58% of smart meter users are leveraging their in-home displays to keep an eye on energy usage, aiding with their budgeting efforts to counter the financial squeeze of the winter months.
Smart Energy GB’s director Victoria Bacon said: « Planning ahead and budgeting are great ways to help you manage your finances across the year. A smart meter can really help with this as it ensures you receive accurate, not estimated bills. »
Bacon also highlighted an extra advantage for those topping up their prepayment meters: « You get additional benefits such as the ability to top up from home and more easily check your remaining credit. »
Moreover, a third intend to cut back on other areas of their life to ensure they have enough money to fund Christmas – with 43 per cent claiming it’s worth doing this to have the perfect Christmas.
The thrifty lifestyle expert Lynn Beattie, famously known as Mrs Mummypenny said: « Spreading the cost of Christmas throughout the year is a great way to minimise spending in December and help you enjoy the festive season. »
She suggests proactive measures like maintaining a regular record of spendings, taking advantage of sales, and hunting for deals.
MRS MUMMYPENNY’S TOP TIPS TO SAVE FOR CHRISTMAS
Save a little bit every week
Placing a small amount into a savings account every week can really add up over time. Many banks offer a round-up function where daily spending is rounded up to the nearest pound, with that amount going to a separate savings pot.
Start planning – now
If you can identify everything you’d like to do this Christmas, you can work out roughly how much you need to save to cover the entire cost.
Get ahead of your bills using your smart meter
The screen that comes with your smart meter allows you to see your energy usage, make adjustments and save money. If you have a smart prepayment meter you can top up your credit online or over the phone from the comfort of your own sofa instead of going to the shops.
Use loyalty cards and vouchers to pay for Christmas presents
Many places offer loyalty schemes such as supermarkets, where you can collect points and vouchers and use them to buy presents.
Get cash back on all online purchases
Set up an account with the cash back site and go there first to find your chosen retailer. Then click through as normal to your chosen retailer or bill provider, triggering the cookies and getting you the cash back if you make a purchase.
Sell your clutter
I urge you to spend ten minutes looking around your house and finding ten items that you no longer use or want that you can sell.
