4 money saving tips to make sure you have enough this Christmas

When it comes to getting festively organised it’s sometimes hard to know what to do when – especially when it comes to budgeting. Here, Metro’s money man Andy Webb shares his top tips on making the most of your money this Christmas.

I sit firmly in the camp that says Christmas is an event that happens in December (can’t we just enjoy autumn first?), and would gladly not see any mince pies in the supermarket and baubles in trees until then.

That doesn’t mean I don’t think about the festivities in the previous months. I do – and so should you, especially when it comes to spending.

In a handful of cases, you might be too late. To get Christmas supermarket delivery slots and tickets to many December events you needed to
begin your planning last month, if 
not before.

But for most other things, there’s still time to ensure you don’t end up in the new year with a financial headache due to overspending. 
It’s easy to get carried away and understandable that you want your family to have all the treats – but spend more than you can afford and it can cause bigger problems.

Check what can you afford

First up, don’t put it off. Think now about all the expected expenses. Some of these will
be obvious, such as presents
and food and drink but don’t forget travel, new clothes, parties and anything else.

Next, you need to work
out what you’d like to spend on these. Get this total as accurate as possible, perhaps checking your banking app and email receipts to work out the costs from last year.

Then take that total and look at your bank balance, factoring
in your income over the next
few months.

If the amount you plan to spend is more than the total you have available, that’s an early warning that Christmas could put you into debt. And even if it’s less, that doesn’t mean you should splash all your cash, especially if you’re saving for something else next year.

So take a look again at what you plan to spend, and put in realistic limits for each category. Ideally break it down further, perhaps with how much you’re able to spend on each person.

How to boost your Christmas budget

Perhaps a bank switch will pay out an extra few hundred in time, or you can sell some old gear (it’s free to sell on eBay now after it ditched fees). Check out any old accounts too, things like loyalty cards or cashback sites, to see whether you’ve any points or pounds you’ve forgotten about.

You’ve also got time to look at a cashback credit or debit card to earn some money back on all this extra Christmas spending.

The easiest one to get is via the Chase Bank current account. You’ll earn one per cent back on most spending, as long as you deposit £1,500 into the account in each prior month. So do it now, and you’ll earn in November.

Then with funds sorted and a shopping list in place, it’s time to get spending!

Travel in particular should be nailed down as soon as possible as prices will only get higher. You’ll be able to book train journeys for now and the new year
as timetables are fixed 12 weeks
in advance.

Track those presents in advance

We’re about to enter a month-long sale with Black Friday now spread across all of November, so ask people what they want, or start thinking about what you’ll actually buy that fits in your newly set limits. You can also set up price alerts for the 
gifts you want to buy on 
sites such as PriceSpy and CamelCamelCamel so you don’t miss out on offers.

You can also use these tools to check price history and decide whether the price you see is actually any good or whether you should wait.

Join a supermarket Christmas saver scheme

There’s also time to nab a small boost on your groceries, as most supermarkets run a Christmas Saver scheme. Though they’re designed for saving throughout the year, you can just add the cash before the deadline to get up to six per cent added on top.

Though the Tesco offer ended last week, the Asda, Sainsbury’s and Morrisons schemes close between
October 31 and November 3.

Obviously, you won’t buy most of your fresh Christmas food until nearer the time but at least you’ll save a little when you do.

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