We talk a lot about the pillars of wellbeing and one of the key pillars that often gets forgotten is the financial pillar. With 92% of UK households seeing an increase in the cost of living this year, the greatest increase in the cost of consumer goods and services in over 40 years, this Christmas, finances are going to be a big concern for many. I want to start this article by echoing the words of Marin Lewis, Money Saving Expert and asking you, before we even start to get into some tips on how to be financially smart, think about what gifts you really need to buy this Christmas. Whilst Christmas should be one of the greatest times of the year, for some it is a time of financial anxiety. Many feel they need to give gifts to people that they know they don’t want or need, creating a financial burden.
Our Christmas money saving tips:
1. Start by deciding on your Christmas budget and who you wish to buy a gift for, work back from there. Whilst at this stage it might be a little late, next year also consider saving each week, creating a budget, to make things easier in the long run.
2. Ban unnecessary gifts. Click here to watch a video from the awesome Martin Lewis, which explains more.
3. Track your spending. Write a list and be careful what you are buying, so you don’t duplicate or overspend.
4. Gift of time. Instead of giving a gift, could you consider spending time with people by preparing them a meal, taking a walk or doing an activity you both enjoy together.
5. Make gifts or give second hand. Consider making home-made gifts such as chutneys, jams, pickled onions (a personal favourite), mince pies, gingerbread or cakes. Charity shops or unwanted gifts are also a great place to check out first before you buy a new item. Don’t forget to also look at local Facebook groups, Vinted and e-bay for people selling the same item at a fraction of the price.
6. Shop early. To spread out the cost of Christmas, start to plan and shop early so you don’t have a huge bill in December.
7. Take Advantage of the Black Friday Sales. If you know what your loved ones would like for the festive season, take advantage of the sale deals which are starting this week. If you were going to buy the item already, it is a saving, if you were not, it is an unnecessary expense.
8. Charity. Consider giving a donation to a charity, as the tradition of sending cards is on the decline, many are choosing to take this route instead.
9. Secret Santa. If you are from a large family, team at work or group of friends who you usually buy a gift for, why not agree Secret Santa gift giving. Agree to just give one gift to someone and set the budget.
10. Cashback. Some cards offer cash back when you purchase an item from a particular retailer, see if your account offers this, if not perhaps decide to switch providers. You never know you might receive an extra cash sum to do so!
11. Shop Around, with different retailers to ensure you get the best price for a particular item eg: if you want a particular children’s book check out Amazon, The Works, or supermarkets as well as key booksellers such as Waterstones.
12. Budget conscious Christmas Magic Ideas for Families. In a blog by Jenny Kefe, one of the Money Saving Expert team, she shares some budget conscious ideas on how to keep the Christmas magic for children. Click here to read the full article.
Whilst we have shared some ideas above on how to be more financially aware this Christmas, the key question to consider is, do you need to give a gift? Release others from needing to give unnecessary presents, resulting in less debt, less worry and less stress.
In Conclusion
For more money saving ideas check out the Money Saving Expert. If you would like to discover more about our Mental Health First Aid training, mindfulness practice or financial wellbeing workshops that we offer for businesses, please get in touch.