Amidst the cost of living crisis which is likely to impact the festive period, families may be worrying about the expense of Christmas with presents, meals, and social gatherings all adding up to a costly December.
Thankfully, supermarket guru and Director of Britsuperstore, Richard Price, has come forward with his essential tips for keeping your wallet happy during the holiday season, potentially saving consumers between £100-£150.
He suggests setting a tight budget as his main strategy: “Allocate a stringent budget for festive treats, stocking fillers and decorations, and stick to it.”
“By defining a budget, you gain clarity over what you can comfortably afford without digging into funds set aside for essentials.”
Richard advises: “Use cash whenever possible, as studies show that it helps people to stay within budget more effectively than using cards. Separate the cash into envelopes labelled for each type of spending, as the visual limit can be a powerful motivator to stay within bounds.”
He also recommends making detailed shopping lists and committing to them to reduce the risk of impulse buys and unnecessary wandering in search of deals at the supermarket.
For online shoppers, Richard’s guidance is to utilise tools to plan your purchases before taking a 24-hour reflection period prior to completing the buy, in order to determine whether the expenditure is necessary or simply a spur-of-the-moment desire.
His third piece of advice is to steer clear of busy shopping districts, as he notes: “The environment can fuel impulse buys, especially during the holidays when stores are filled with festive displays and enticing seasonal offers.”
“By avoiding high-traffic areas or minimizing trips to shops, you can cut down on spontaneous purchases that often seem like ‘must-haves’ in the moment. If online, avoid browsing gift or seasonal sections, which are designed to trigger last-minute purchases.”
Richard’s final suggestion is to reduce your exposure to advertisements and festive marketing. Although this might be challenging, he recommends beginning by opting out of marketing emails or utilising browser ad-blockers to minimise temptations.
He concluded: “Social media can also be a culprit in sparking impulse buys, so consider reducing time on platforms that showcase gift ideas or special offers. This way, you’ll only purchase what you need, rather than what’s constantly suggested.”