4 Top Tips for Saving Money During the Festive Season

As the festive season approaches, be sure to use these four tips to save money during one of the most expensive times of the year:

  1. Set a budget. On average, a household spends £500 on Christmas, which includes food, presents, travel and decorations. While you may spend more or less than that, it’s important that you review how much you spent in previous years. After you know that, you can break down how much you need to save each month.
  2. Figure out how much you will need to save each month. Even with a budget, you need to be smart about how much you should save from each pay cheque. You don’t want to set aside too much to the point that it becomes detrimental to your other necessary expenses. In addition, consider starting a collection jar for all your loose change.

  3. Reconsider your traditions. Take a look at your traditions to see where you can save some money. For example, if you send out Christmas cards every year, send a digital card to save money. Alternatively, if you want to still mail out a card, you can use second-class stamps.

  4. Decide where you store your savings. It’s important to know where you keep your festive season savings so you don’t accidently spend some or all of it. You can open a separate bank account or keep it tucked away somewhere safe at home.