“Season’s Savings”, your Christmas budget sorted!
December 1, 2023
The countdown to Christmas is officially on! Our research finds consumers will spend on average, over €1000 this festive season. If you don’t know how you’re going to cope financially, you’re certainly not alone.
The pressure of Christmas parties and events combined with buying presents for loved ones can easily push people into debt. We’ve put together five budgeting top tips to help you during this festive period.
1. Make your budget
There is still time for you to put a plan in place. Look at your day-to-day spending and see what you can afford to spend over the coming weeks. Use our budget planner Money Tool to work out what you spend and compare this with your income. This will help you to control your spending better on a tight budget.
2. Cut down on daily expenses
You can save money by making everyday sacrifices. Our spending calculator works out how much money you’re spending and what you could save by cutting back. For example, treating yourself to that café americano five times a week can cost you up to €20 weekly. Put that money into your Christmas kitty instead and it won’t be long building up!
3. Make a gift list and check it twice!
Write a list of everyone you intend to buy for. Decide how much you will spend on each person. There is still plenty of time to shop around and compare prices online.
If you usually buy individual presents for your family or friends, don’t be shy to suggest trying Kris Kindle. This is where each person buys for one other only, the names are randomly drawn out of a hat! It can save you a lot of money. If you’re feeling creative, why not make your own Christmas gifts? For example, a DIY photo calendar of the family, or yummy snowman cupcakes if you’re the baking type!
4. Choose a credit option wisely
It’s best to use savings to cover Christmas expenses rather than getting into debt. If you do find yourself with no other option but to dip into credit, work out how much you need. For example, if you know you’re going to spend €800 this Christmas, then a personal loan may be the best way to go. Check out our personal loans Money Tool to compare the total cost of credit on the different loan options available.
5. Be careful with your credit card
Credit card interest rates are among the highest. You don’t want to face into January with a hefty credit card bill. If you do end up using your credit card, try paying off the balance in full when the bill arrives in the new year. Look at our credit card comparison to see which providers offer the lowest interest rate.
The Money Advice and Budgeting Service (MABS) offer Christmas budgeting advice.
Return to News