Christmas saving: I’m a finance expert and these 5 unusual tips could save you hundreds this Christmas
The Christmas season is well and truly upon us, with lights twinkling in shop windows, decorations on the streets, and a distinct air of anticipation. Yet, the festive season can often end up being far more expensive than we plan, with the pressure we can feel to splurge on added extras, and the companies and marketers who are all too good at targeting our impulse buying habits.
Luckily, Aatif Malik, director at Tax Accountant, has put together five top tips that will save you money and help you avoid a financial hangover this Christmas.
Have a Regifting Party
A lot of us have been gifted things that are still in perfectly good condition, but simply aren’t our style or something that we would use. Some of us have even bought items for ourselves or our children that have been lost in the busyness of life, and are sitting in a box, gathering dust somewhere. A regifting party is an excellent way to save money on Christmas presents, as neither you nor the people you invite have to buy anything new!
Aatif recommends inviting friends and family to come round and bring gently used (or unused) items and do a gift-swap. You can even make a WhatsApp group beforehand, where people can put their preferences for types of items (for example, toys for children, clothes, toiletries, or second-hand electronics), to increase the chances of people getting what they want or need, although with a caveat that not everything will be available, and to not bring anything that has been previously gifted within the same group! It’s worth reminding people to only bring items in good or excellent condition.
Alternatively, rather than hosting a whole regifting party, you can just agree with anyone that you are celebrating Christmas Day with, that you will swap gently used items that you already own.
Christmas Saving Tips
Plan a Potluck Christmas Lunch
Indulging in delicious food is a quintessential part of the Christmas season, but the cost of a full Christmas dinner with all the trimmings, not to mention the added extras of puddings, crackers and endless snacks, can really add up – especially if you’re hosting. Aatif explains that a ‘potluck’ Christmas meal, where everyone brings one dish or a bottle of something to drink, can help ease the financial pressure of buying food significantly, as well as make the meal more varied and exciting. According to the Interactive Investor Inflation Calculator, the cost of a Christmas meal for just four people is £91.54, a huge expense, if just one or two people are paying. However, if every adult coming to your table this Christmas brings a dish or ingredient to make up the meal, you’ll each pay only a few pounds – allowing you to put that extra money towards gifts, or save it up for January, which is generally a leaner month.
Aatif recommends co-ordinating in advance, so that everyone knows what dish to bring and there are no duplicates! Also make sure to check with your guests about allergies and food intolerances.
Christmas Saving Tips
Secret Santa – with a twist
Secret Santa is an incredibly cost-effective way to enjoy Christmas, allowing you to exchange gifts with friends and family without breaking the bank. The rules of Secret Santa involve getting together as a group, with everyone buying just one gift. This way, everyone gets to receive a gift, while expenses for each person remain fairly low.
Aatif suggests some twists to keep Secret Santa costs even lower – including setting a £5 or £10 limit, or setting a rule that every gift has to be bought from a Pound Shop, or charity shop if you would rather buy and exchange pre-loved items than new ones.
‘Foraged only’ Christmas decorations
We all love to decorate at Christmas, and the season wouldn’t be the same without its beautiful, wintry ornaments. But who says you have to splurge hundreds on an expensive tree or tons of shop-bought decorations that quickly add up in cost? Some of the best and most beautiful Christmas decorations are the ones you can find in nature, right on your doorstep. Even if you live in a fairly urban area, wild holly and ivy is usually readily available – just make sure you check what you are legally and safely allowed to pick and collect in your local area.
Aatif suggests rounding up a group of people, and enjoying a special Christmas foraging walk, where you collect holly leaves, evergreen branches, pinecones and other natural treasures, in order to make some beautiful decorations for your homes. Not only is this a totally cost-free and eco-friendly way to decorate, but the walk will be a free and fun Christmas event in itself, helping you bond with friends and family.
Celebrate on the 27th
This might sound totally crazy, but hear us out! If you want to enjoy Christmas with all the trimmings, why not take advantage of the huge price slashes on Christmas food, decorations and gifts on Boxing Day? That way, you can enjoy a full festive celebration at three quarters or even half the price of what you would usually pay, as shops are desperate to shift stock as we head towards New Year. If you do decide to celebrate on the 27th, make sure you let any friends or family that you want to invite know in plenty of time. Many will be glad for the extra opportunity to extend the Christmas festivities.
Aatif suggests planning a more low-key celebration for the 25th, for example, a day of board games with family or friends, pampering or simply watching your favourite series. Then, enjoy an exciting trip to the shops on the 26th for your reduced-price Christmas fare, ready for your full-blown festive experience on the 27th!
If you have your heart set on doing a full Christmas celebration on the 25th December, Aatif’s top tip is to get to the shops fairly late on Christmas Eve, as supermarkets will be reducing the Christmas fare that is going out of date the next day. You can often pick up the ingredients for a top-rate roast meal at a reduced price if you shop savvily.