Facing strain on your bank balance post-accident? You're not alone. Our Make It Right campaign found that 55% of people experienced a loss of income after their accident. With the festive season being one of the most expensive times of the year, you may be searching for ways to cut back. Here are some cost-saving tips that will show you how to spend less at Christmas, while embracing the joy and merriment of the festive season.
Give cheap but thoughtful Christmas gifts
One of the biggest expenses at Christmas is presents. But there are ways to show your loved ones you care without buying expensive, lavish gifts. For example, why not opt for DIY Christmas presents this year? If your partner loves gin you could infuse a cheaper gin with their favourite fruit, flavours or spices. Or if they like sweet treats, why not bake them something they'll love? This could be a tray of gooey brownies or a showstopping cake.
Reduce the number of gifts you buy
It's also important to cut back on who you buy presents for. If you usually give gifts to your family, extended family, friends, colleagues and neighbours, think about where you could cut back. Instead of buying a gift for everyone, you could suggest doing Secret Santa and set a spending limit. There are plenty of budget-friendly Christmas presents that friends and family will love for less than £20. That way, both your bank balance and your loved ones will be happy!
Choose cheaper food and drink options
Do you usually buy an expensive turkey? The finest quality trimmings? The best of the best party food at a high-end supermarket? Chances are you wouldn't notice the difference if you swapped this high price tag food with supermarket own or lower brand goods. Money Saving Expert Martin Lewis says the ‘Downshift Challenge' - dropping one brand level on everything you buy in the supermarket - can usually cut your bill by 30%. That's a huge amount of money you could save on your favourite festive food this season. As well as ‘downshifting' on brands, you could also shop at a more budget-friendly supermarket rather than splurging at the most expensive retailer.
Write a list and stick to it
One of the biggest financial mistakes you can make during the festive season is splurging on things you don't need and can't afford. While you may want to spoil your loved ones, it's important to buy within your means and resist getting carried away. One way to do this is to create a shopping list that details everything you need - you may want a food list and a present list for example.
Once you've written everything down, you can calculate the total cost before you start buying. This will allow you to work out if you can realistically afford the food and presents you've planned. If the answer is no, delete expensive items and substitute for cheaper alternatives. When you're happy with your list, stick to it and you won't overspend.
Cut out unnecessary non-Christmas costs
Wondering how to save money at Christmas when you need to fork out on frivolities as well as your usual expenditure? Balance is the answer. Aim to combat the extra spending that this season brings by cutting out unnecessary non-Christmas costs. While you may be unable to reduce fixed monthly outgoings such as rent/mortgage and your utility bills, there are other items you may be able to cut back on. This could be anything from a weekly takeaway or on-the-go lunches to expensive toiletries. To put this into perspective, if you are partial to a curry on a Friday night and usually spend £10 at your local takeaway, that's £40 you could save in December alone. You could put this money towards buying presents or food shopping.
Now that you know how to spend less at Christmas, you can enjoy the festive season without facing financial strain. Remember - if you've suffered a loss of income after an accident that wasn't your fault, we may be able to help. Get in touch with us on today to speak to us.