Christmas is supposed to be the most wonderful time of the year, but with the cost of living crisis biting harder than ever, many are bracing for a financially fraught festive season. Between presents, food, and socialising, the festive period can put additional strain on your cashflow.
However, according to personal finance expert Maxine McCreadie from UK Debt Expert, you don’t need to spend a fortune to enjoy the festive cheer. With the average household planning to spend £362 on gifts and a staggering £317 on festive food and drink, financial pressures are mounting.
UK Debt Expert’s own data has revealed that 44 per cent of retirees are worried about credit card debt this Christmas period too.
Maxine explained; “Socialising at Christmas doesn’t have to mean maxing out your credit cards. With a little creativity and planning, you can enjoy the festive season without financial stress – and that’s the best gift of all.”
Maxine shares her top tips to save money on socialising this Christmas without sacrificing the fun.
Host a ‘bring your own’ festive feast
Hosting a Christmas gathering doesn’t have to mean footing the entire bill yourself. Maxine recommends turning your festive dinner or party into a collaborative event by asking guests to bring a dish each. Not only does this help save money, but it also creates a unique and varied spread while easing the pressure on the host.
She said: “For a festive twist, assign categories like desserts or finger foods – it’s a simple way to keep costs down and still enjoy a table full of delicious treats.”
Embrace ‘free fun’ with festive walks and movie nights
Skip the pricey nights out and opt for cosy, budget-friendly alternatives instead. A winter walk with friends, wrapped up against the chill and ending with steaming mugs of hot chocolate or mulled wine at home, can be just as magical as a night on the town.
For something even simpler, host a Christmas movie marathon in your living room.
Maxine said: “Christmas isn’t about where you go, it’s about the people you spend it with. These small, thoughtful moments can create lasting memories.”
Ditch the pub – do secret Santa socials instead
Instead of splurging on expensive dinners or rounds of drinks, Maxine suggests hosting a budget-friendly Secret Santa night at home.Set a small spending limit, exchange thoughtful gifts, and enjoy a relaxed evening filled with laughter – all without the burden of high costs.
Maxine said: “It’s a win-win. You get a meaningful gift and a memorable night with loved ones, minus the hefty price tag.”
Get thrifty with Christmas jumpers
Christmas jumper parties are a festive favourite, but there’s no need to spend a fortune on a brand-new knit. Instead, check out second-hand platforms like Vinted or Depop for unique, pre-loved options at a fraction of the price. Not only can you save money, but you might also uncover a one-of-a-kind find that stands out from the crowd.
Maxine said: “You can even swap jumpers with friends or try your hand at DIY with leftover craft supplies. It’s a creative, budget-friendly way to join the fun and make your jumper truly unique.”
Repurpose Christmas dinner for Boxing Day get togethers
Make your Christmas dinner stretch further by using leftovers for a festive Boxing Day meal. Freeze extra portions of turkey, stuffing, or even vegetables to save time and money on the next gathering. Not only does this reduce food waste, but it also makes hosting more affordable by spreading out the cost of your holiday meals.
Maxine said: “It’s budget-friendly and adds to the fun of coming together over a shared meal – leftovers are the gift that keeps on giving.”