Preparing for a Money Saving Christmas – Make a list and check it twice
Christmas comes around every year, yet somehow it still manages to catch many of us off guard. Even the most organised households often find themselves spending more than planned, or buying things that never get used. It’s hardly surprising: according to the Bank of England, the average household spends around £800 extra in December.
We’ve spoken to our account holders and staff about their tips for saving money at Christmas, and put together a helpful guide to make sure this year, your festive season is fun, but also kind to your wallet.
1. Budget First
A budget is the cornerstone of a money saving Christmas. Whether you prefer pen and paper or a phone app, jot down how much you can comfortably spend, who you need to buy for, and how much to set aside for nights out, trips, or treats. Knowing your limits before the festivities start makes a big difference.
2. Make a List and Check It Twice
It’s simple but effective: list the people you want to buy for, prioritise the gifts, and stick to it. Cutting down the list can save both money and stress.
3. Shop Early (or Plan Ahead)
The earlier you start shopping, the more control you have over costs. If you’re already late this year, set a reminder for next summer or when sales start in January. Keep purchases in a safe spot until Christmas – an attic, a cupboard, or a dedicated storage box works well.
4. Compare Prices and Hunt for Deals
Check prices online and in-store, use vouchers, and see if shops offer price matching. Using an incognito or private browser can help prevent price increases based on your browsing history. Price tracker apps like ShopSavvy, Honey, Keepa, and CamelCamelCamel can make this even easier.
5. Consider Online Marketplaces
Sites like eBay, Facebook Marketplace, and Gumtree are great places to find bargains or even second-hand treasures that are still in perfect condition.
6. Plan Gifts Smartly
When it comes to gifts, a little planning can save both money and stress. For bigger purchases over £100, using a credit card can offer extra protection through Section 75. Think carefully before buying store cards, as high interest rates can make them more expensive than expected. If you’re unsure what someone would like, a “Buy What You Want” note or a gift voucher can be a practical alternative, making sure they get something they truly want without wasting cash. You could also consider charitable donations or agreeing with friends and family not to exchange gifts in certain circles, this can save money while keeping the festive spirit alive.
7. Stocking Fillers and Decorations
Discount and pound shops are perfect for small gifts and stocking fillers, helping reduce post-Christmas financial strain. Get the children involved with homemade decorations, they’ll love it, and it’s a fun way to save. Check what decorations you already have before buying more, and choose the tree type that suits your budget and space.
8. Food and Festivities
Avoid overbuying food by reviewing last year’s shopping. Only buy what you’ll actually use, and be mindful of portion sizes to prevent waste. Secret Santa-style gift swaps with friends and family can also cut costs.
9. Use Rewards and Cashback
If you’ve built up loyalty points or cashback rewards, now’s the time to put them to use. Northern Community Bank’s Engage Debit Card offers a range of cashback rewards, with a handy calculator to see what your purchases could earn.
10. Save in a Christmas Club Account
Finally, deposit your savings in a Christmas Club account with Northern Community Bank. Your money is fully protected by the FSCS, and withdrawals are restricted to November and December—helping you only spend on festive treats and gifts.
Plan, Save, Enjoy
A money saving Christmas doesn’t mean missing out on fun. With a budget, a clear plan, and a few smart strategies, you can enjoy the season without worrying about overspending. And the best part? You’ll be all set to start planning for next year’s Christmas early!
Tip: Keep this list handy, it’s a helpful guide to make sure your festive spending stays under control, while still making Christmas magical for your family.
