The sun may still be shining (at last!) and the weather may be warm, but it’s never too early to get into the festive spirit.
With 16 September marking 100 days until Christmas, now’s the ideal time to start preparing for the party season – and trust us, your pockets will thank you for it.
While it may be dubbed the most wonderful time of the year, it’s no secret that December 25 can come with a hefty price tag. In 2022 alone, UK households collectively spent around £15.7 billion on Christmas festivities.
So, why not get ahead of the game? With the countdown to Christmas now officially on, here’s how you can get your festive finances firmly in check…
Round-up
Some banks allow customers to automatically round-up spending to the nearest pound, with the difference in cost being moved to savings, which means building up a festive pot has never been easier.
“The power of regular contributions can’t be underestimated,” says Emma-Lou Montgomery, associate director for personal investing at Fidelity International.
“Rounding up daily spending will quickly add up.” It may not seem like much at first, but investment service Moneybox estimates that customers could save around £12.87 a week.
100-day saving = £183.85
Lend, don’t spend
In 2023, renting doesn’t just refer to accommodation. “From furniture to clothes, rental services are having a real boost as more of us become savvier about where and how we spend.
There are loads of services available to give you support with budgeting if you don’t need to invest in something you may only need for the short-term,” says Ban Mahsoub, head of money services at Tesco Bank.
“Just make sure you read the small print.” Choosing to rent products is better for the environment as it means less waste, and it could save you around £636 a year.
100-day saving = £174.25
Act on appliances
Switching off those domestic devices that are otherwise left on standby (think TVs, microwaves, electric ovens) could save you around £70 a year, while not filling a kettle with more water than you actually need when making a cuppa can save £34.33 annually.
And if you’re a tumble dryer user, letting clothes air dry with the aid of a dehumidifier could save £56.
100-day saving= £43.93
Go no-spend
Unlike the name suggests, you are allowed to spend money during a “no-spend” month. However, you should restrict spending to essentials like rent, bills and food.
“Opting for a minimal or no-spend period is one way to ensure your savings have a chance to build up,” says Emma- Lou. “But it’s also important to make your savings habits realistic, so you can stick to them over the long term.
"If you are wanting to have a no-spend month, think about what goals you want to set for the month after as well.” It may not be for the faint-hearted, but one household could save £852 in a month.
100-day saving= £2,840 (based on one household low-spending)
Be loyal
Loyalty may be important when it comes to relationships, but it can help your pocket, too. With lots of stores now offering loyalty cards to customers, many help people build-up a bank of points or vouchers.
“Loyalty cards are a great way to save money as by building up your points over time shoppers can easily convert points into vouchers to get money off,” says Ban.
“Being a savvy shopper can allow you to save money on the go.” Some schemes also offer “member-only” prices, with Tesco previously estimating that using its Clubcard could save shoppers £351 a year.
100-day saving = £96.16
Downshift challenge
Created by money-saving expert Martin Lewis, the Downshift Challenge is all about changing the way you think about products.
By ditching your usual brands and choosing a level lower on your food shop – the “value range” rather than the chain’s own brand, for example – you could save 30% on your annual spend.
Money-saving expert Richard Price from online supermarket Britsuperstore adds that changing when you go shopping could also make a difference.
Monday is best for finding bargains in the clearance sales, while Tuesday is great for weekly specials.
100-day saving= £345.21
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