There is no escaping the fact that prices are going up and for many, it will be harder to budget this Christmas. Here are some simple money-saving tips to help you in the run-up to Christmas and into 2023 and beyond.
1. Work out what you can afford and try to stick to it
By working out your family incomings alongside your outgoings, you’ll soon spot easy ways to save cash, such as cutting down on takeaways or shopping trips for a single item. If you’re looking to track your finances more closely you could also look to use an app.
2. Use the internet wisely to save big
Online comparison sites are one quick way to save money, but consider using voucher code websites or buying online through sites where you can receive cashback on purchases from many top brands and stores. You could soon see the savings mount up.
3. Manage your credit cards
Christmas usually means more money being spent and using your credit cards is a way of spreading the cost. However, if you’re just clearing the minimum payment on credit cards, despite having cash in the bank, then it’s worth doing the maths to work out what’s actually doing more for you. DON'T borrow for Christmas, but if you must, get a 0% card.
4. Review your insurance cover
Being underinsured or overinsured will cost you money either way. Put a date reminder in your diary a month before the renewal and you’ll then have enough time to shop around and get the best quote for your specific needs.
5. A New Year’s resolution to get your children involved in saving
Coaching and teaching children the value of money can instil the financial skills they’ll need as an adult - and even stop them from wanting you to spend so much! Why not set up jars around the home for them to put coins into instead of buying sweets or toys? Seeing the coins mount up encourages saving and skipping impulse buys. You can read our article about money lessons for children here. [linked article] https://www.armstrongwatson.co.uk/news/2021/11/money-lessons-5-tips-add-...
6. Start saving early to spread the cost
The Bank of England states that a typical household spends £740 more in December – 29% more than in a typical month. Next year, why not budget to put money aside from January? By saving small amounts you will have more chance to spend what you want at Christmas. https://www.bankofengland.co.uk/knowledgebank/how-much-do-we-spend-at-ch...
7. Finally, don’t forget about your pension pot
For many people, retirement may feel a long way off, but with UK life expectancy increasing it pays to think ahead.
These tips are just a few simple ways to keep an eye on your finances – and there’s no time like the present to start. Keep a list of what you save each day, and you’ll soon be encouraged to save harder and faster as the amount grows.
