How many weeks from now until Christmas?
Once you confirm this, let’s take a look at our spending for the festive season. Start by dividing the total cost for your Christmas spending by the number of weeks. This is what you have to save or put aside each week.
When we struggle all year round, with little cash to spare, we often feel we need to take a break at Christmas – we want our children and loved ones to have the best. But that doesn’t always mean spending a fortune – particularly a fortune you don’t have. We recommend thinking about the clothes, food and gifts you are buying – are they really needed? Talk to your extended family and friends and see how they feel about exchanging gifts and what other options you may have. You never know, they might be very happy you asked and it may help to reduce the burden on everyone.
Do you need to borrow?
If you think you need to borrow to cover the cost of Christmas, then read our before you borrow information page, where we share information, tips, and things to consider before you do.
Avoid Buy Now Pay Later (BNPL), if possible. Tempting as they are, try to avoid these offers from retailers unless you have a plan in place for repaying the loan within the interest-free period. Otherwise, after the 0% phase ends, you could be charged a high-interest rate and that new sofa, outfit or TV could end up costing you far more. Late payments may have a negative impact on your credit score. If you do enter a BNPL arrangement, check out the terms and conditions on any items you purchase through finance! Check out our BNPL blog for more tips.
Pay with cash, avoid plastic.
If you do purchase gifts in-store, pay with cash where possible and avoid putting purchases on stores cards, credit cards or paying by instalment – they can cost you more in the long run! Keep all receipts together for any purchases you make. We have provided tips on spending your money wisely at Christmas but what about spending your time?
Spend time and make memories
Spending at Christmas does not have to be about money. It can be about spending time with family, friends and loved ones.
This Christmas can be about making memories. Get the kids involved and make learning fun. Instead of spending money on store-bought decorations, spend a day or two over a weekend making Christmas decorations with the kids. Take some photos using your phone. Get some of the photos printed and put in a frame as a lovely and affordable gift for a grandparent, godparent or special family member. Say “Cheese!”