Christmas spending – avoiding the pitfalls
As Christmas draws closer, many are using these last few days to get last minute gifts. This Christmas the average person will spend £364 on gifts for friends and family, with parents spending over £100 of their children and 20% of adults spending in excess of £100 on their partners, according to figures released by American Express.
With peoples incomes becoming more and more stretched, many are trying to cut back this Christmas to make it more affordable. However for some they may be struggling with what funds they have.
Here is a quick guide to make sure you avoid the pitfalls of Christmas spending.
- When shopping for gifts make a list so you know exactly what you are buying to avoid you over-spending.
- Avoid borrowing from Payday Loan companies as they often have high levels of interest with short repayment terms.
With any borrowing, remember do not take out if you know you cannot pay it back and especially if you are already in a plan.
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Christmas dinner on a budget
Families are currently facing the biggest squeeze in budgets for 60 years and with Christmas day fast approaching, we are all looking for ways in which we can still have a delicious traditional dinner without it costing the earth. So here are our smart tips for budgeting this festive season.
- Switch to cheaper brands: a recent survey by Delicious magazine found that supermarket branded products such as mince pies, Christmas puddings and champagne all come off better in a blind taste test in comparison to premium products such as Harrods, Fortnum & Mason and Moët.
- Use comparison websites: websites like mysupermarket.co.uk will compare the buy online supermarkets to not only tell you which supermarket is cheaper but also which products are cheaper. They do all of the hard work so you, so you don’t have to.
- Visit your local market: fruit and vegetables are generally fresher and cheaper from the market. Although it isn’t as convenient as a supermarket, it could help you save money on the all-important Brussels sprouts.
- Don’t overdo it: we have all seen it, and probably done it, trollies filled with as much as possible. It isn’t necessary and you should only buy what you know you are going to eat over Christmas. The shops are usually open again on Boxing Day so you can always pick up on a few extra bits after.
What are your top tips for Christmas dinner on a budget?
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Running out of money? What NOT to do.
As we approach the end of the month some may be feeling the pinch and be running out of funds before the next payday. It is easy enough at times like that to think about quick cash loans such as Payday Loans and in some cases, loan sharks.
If you are worried about making ends meet then try following these simple steps to arrange your finances to try and avoid borrowing money.
- Work out how much money you have left and then work out everything that you need to pay out for with that money.
- Look at your expenditure list and remove anything that you don’t need to spend money on, such as trips to the cinema, unnecessary car journeys and see just how much you can save.
- Look through your cupboards and see what food you actually have. The chances are you will have enough meals to get by. In case of severe hardship and food poverty you may qualify for a voucher to redeem at your local food bank.
- For any bills that need paying, if you know you won’t have the funds you need to contact the relevant creditor as soon as possible to request a payment break. You will then need to come to an arrangement to make up the arrears.
What are your tips for avoiding Payday Loans?
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Is it acceptable to make your Christmas gifts?
If you read our previous blog on ‘How are you funding Christmas?’ you would have read that the average spend per person this Christmas will be £364. People are looking at ways of cutting down the cost of Christmas with things like ‘Secret Santa’, registering gift lists and gift certificates. However there is one other way that can cut your spending by creating and making your own gifts.
If you have a craft is there anything wrong with making your own gifts?
Here are a few ideas:
- Homemade cakes, biscuits, fudge, jam and other tasty treats.
- Gift hampers or baskets filled with your homemade tasty treats.
- Photo calendar, frames or albums.
- Homemade candles.
- Homemade soap.
- Homemade jewellery.
- Knitted scarf, hat or jumper.
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