Spending on a budget this ChristmasThursday 18 December 2014, by The Media Team
We’ve been talking to our friends at the Money Advice Service to learn how savvy savers have managed to boost their Christmas budget this year. They say that 25% of people have pulled back on their luxury spending and a further 25% switched to own-brand supermarket ranges to make regular savings add up.
Furthermore, 20% of people have taken their lunch into work and 11% have skipped their caffeine fix by giving up a daily coffee. Sounds tough, but it all adds up.
Savvy last minute shopping tips
If you’re looking for a last minute gift, there are things you can do to make sure you don’t end up with an empty pocket. For example, compare the price of gifts both on and offline, and consider buying second hand on Gumtree if you’re looking for a bargain.
Gift vouchers and store card credit can also trip you up if you’re not careful. If you buy a gift voucher for a store that subsequently goes bust there’s no guarantee you can get your money back, while store cards can hook you in with tempting deals which mask high interest rates later on. Take a look at the Money Advice Service guide on store cards.
Stick to your budget
Budgeting is the top way to help save money, whatever time of year it is. Listing your expectations for spending between now and Christmas and the money you have to play with can help you work out when you are overspending. Make a note of everything you are looking to spend money on, including socialising and transport, to get a proper overview.
If the idea of budgeting feels daunting, the Money Advice Service has a Budget Planner that can help you work out exactly how much spending money you have per month after youíve paid your most important bills. Why not make budgeting your New Year’s Resolution? Or if you need to earn some spare cash to pay for Christmas, why not look on Gumtree for a job?