Savings for Christmas
Without doubt, the majority of us feel the pinch each December and January due to Christmas. How would you feel if you could save a little each day throughout the year to ease the load in December? Well, we’ve put together a savings plan that could help you next year.
How does it work?
So, by putting away a little each day or each week, chances are you won’t notice the ‘missing’ money nearly as much as if it all disappears from Decembers paycheque.
If you were to put £1 a day away in a money box, by the end of the year you would have £365 to spend, or if you prefer, you could put £7 a week into a savings account via direct debit. £1 a day doesn’t sound a lot does it? But £365 does!
Got £2 spare a day? Over the year that would give you a tidy sum of £730 to play with!
If you feel that £1 isn’t achievable, that’s fine too! It’s about living to your means, so by halving this and putting away 50p a day you can still save £182.50 over the year.
By putting away a little bit each day or week you can take the edge off Christmas stress and also avoid any risks attached to buying gift cards or using savings schemes, especially in the current volatile economy.
How else can I lessen the pinch of Christmas Spending?
It depends on the expectations you have for Christmas as an Individual or Family however we’ve thought of a few ideas that could help you come December 25th.
1. Buy or make Gifts through the year
If you enjoy making gifts for friends and family such as Cushions, Art or Woodwork items it may be possible for you to make these gifts throughout the year to spread the time and costs a little more evenly. Equally, if you are out shopping and see something you know a family member will love for a good price, why not pick it up and put it away ready for Christmas.
2. Secret Santa
Perhaps a Secret Santa for your Friends and Family could be a way of spending less money too. Secret Santa is an idea where a group of Friends or Family swap Christmas presents anonymously. Each person gets given another persons name for who they give a small gift with a set budget of say £10 for the Gift.
3. Baked Goods
If you are a keen Baker why not treat Friends and Family to a yummy home baked product? It doesn’t have to cost lots of money to create and it shows an element of thoughtfulness that you’ve created a Cake or some Biscuits specially for someone. Other ideas include Fudge, Sweets, Tray Bakes or Fruit Loaf.
