Top tips to avoid over-spending on your Christmas shopping
The countdown to Christmas is well and truly on, and for those of us who avoid the ‘C’ word until December there is suddenly a lot to do in preparation for the big day.
One of the biggest and most expensive tasks is the Christmas present shopping.
But it doesn’t have to break the bank – if you plan ahead and stick to your budget.
Before you hit the shops or the online retail sites, always take stock of your bank balance and work out exactly what you can afford to spend.
Try to avoid the pressure from social media to splash out on mountains of gifts. Everyone’s situation is different.
Once you’ve set a budget, break it down by listing the people you want to buy for and how much you’re going to spend on each.
Now you can start shopping! If you know what you’re getting, compare prices online before ordering or heading to the shops to be certain you’re getting the best deal.
Buying second hand is one way to get more for your money, with plenty of bargains to be had on pre-loved items in charity shops as well as online. Check out Facebook Marketplace and sites like eBay and Vinted, but bear in mind postage costs and fees.
Another idea is to get cooking or crafting to make some of your own personalised gifts.
Food items like homemade jams, chutneys and biscuits are guaranteed to go down a treat. You could also try making decorations out of salt dough using flour and salt from the cupboard before painting them.
You could also suggest a family or friends ‘Secret Santa’ to avoid having to buy individual presents for everyone. That way you can agree a budget together.
If you’re buying new, cashback sites like TopCashback can be a great tool to save a bit of money, and it soon adds up.
Consider supporting a charity on someone’s behalf rather than getting a physical a gift. You can pick the amount (you don’t have to tell the recipient how much) and spread some Christmas cheer in the process.
When it comes to children there can be pressure to go for quantity over quality, often resulting in a houseful of toys that won’t all get played with.
To avoid this many people are now going by the five-gift rule. That way you limit your spending to five presents – something they want, something they need, something to wear, something to read, plus a special gift.
Whatever approach you take to your Christmas shopping, avoid taking out credit that you will struggle to repay.
One final tip is to start planning now for Christmas 2024. It’s the last thing on anyone’s mind, but starting in January and putting aside a little money each month is a great way to help your future self
out next year. If you’re extra organised you could even grab some bargains in the January sales and stash them away.
Christmas can be an expensive time of year but always remember your loved ones would not want to see you get into debt to buy them expensive gifts. Presence is more important than presents.
Wrekin Housing Group customers who are worried about their finances can contact our Money Matters team.
7th December 2023