The countdown to Christmas is on and with the prospect of looming social events and gifts to buy, the festive season is one of the most expensive times of the year, and many people will often feel the financial burden long after the celebrations are over and January arrives. It should come as no surprise that the star of the new year is the busiest time for debt help charities, with people struggling to cope with the December blow out.
Despite the lingering cost of living crisis, people are expected to spend an average of £600 on Christmas-related products and activities. However, if that seems a bit extravagant and you’re looking for a quick way to save with less that 60 days to go until Christmas, money expert Markus Lindblad from Haypp shares some simple tips to ease the financial burden and give your bank balance a boost.
Some of these tips involved giving up a costly habit like drinking, buying coffee or lunch on the go or smoking. However, on the practical side, cutting down the weekly food shop or swapping out big brand names for store own labels, can help boost your finances.
Five ways to boost your festive finances
Stop drinking
Going tee-total might just be the trick to getting you a bit of extra cash just in time for Christmas. On average Brits spend around £15.30 a week on alcohol, if you multiply this by the eight weeks left until Christmas Day, you can save over £100, £122.40 to be exact, just by not drinking alcohol.
Not only will it benefit your bank account, but it will also make that Christmas Day drink taste even better too.
Make your coffee at home
Brits have definitely developed a strong coffee culture over the years, with oat flat whites and matcha lattes becoming popular on the coffee scene as a daily essential for many. However, how much is it costing you? With the average Brit spending £3.40 a day on a cup of coffee, this equates to £23.80 a week.
While it doesn’t seem like a lot for such an essential part of some people’s day, if you were to quit the ritual now you could actually save £204 – that’s your Christmas food shop sorted.
Quit smoking
With the price of 20 cigarettes now costing around £15, it’s certainly not a cheap habit for smokers, especially with the average smoker lighting up around 10 cigarettes every day, they can soon get through a packet. Not only is it better for your health, but quitting smoking can also bring lots of financial gain too. With the average smoker spending around £52.50 on cigarettes a week, quitting the habit this week will save you a huge £420.
If you’re looking to quit the habit for good, then alternatives, such as nicotine pouches are a great way to quit, as not only are they smoke-free and discrete, in comparison to cigarettes, but they are also cheaper, meaning you’ll be able to save money while quitting too.
Make your own lunches
Buying lunch at work is more of a convenience for many people, but, whether you prefer a sandwich or a salad, these meal deals can soon equate to much more than you’d think. On average British workers spend around £21 a week on their lunches.
You could save an impressive £168 by making your own lunch from now until Christmas. Leftovers are a cheap option, and if you’ve prepared meals, there could be extra savings there too.
Clear out the wardrobe
Autumn is the perfect time to re-evaluate your wardrobe, pack away your summer clothes and bring out those winter warmers. However, why not make a little money while you’re at it. Apps, such as Vinted and Depop, are the perfect way to make a bit of extra cash ahead of the festivities, with some people even making up to £800 a month. However, on average, if you sell something for as little as £4 on Vinted, up to five times a week, then over the course of the eight weeks ahead of Christmas you could boost your bank balance by £160.