Eight money-saving tips for the festive season

It’s easy to lose track of your spending as the festive season approaches, but there are some ways to kickstart your planning and hopefully save some money at the same time – leaving you to enjoy the holidays and stay on budget.

If you’re feeling really organised, you could start by opening a separate account just for your holiday spending and set a saving goal for your shopping – whether it's presents, food or decorations. This could help you stop overspending on things you don’t need and avoid eating into your budget when the new year arrives.

Here are some other ways you could make your money go a little further:

1. Sell unwanted items

Thinking about your Christmas budget early is probably not a top priority, but if you take a look around to see if there’s anything worth selling that you don’t need, it could add a few pounds to your holiday budget. Likewise, after the festive season, you could sell any unwanted gifts that have come your way – there are plenty of apps that make it easy to upload and offload your items.

2. Scan the sales throughout the year

If you have room in your budget, you could find some bargains as retailers host their sales – instead of leaving it late to events like Black Friday.

3. Use cashback perks

If your debit or credit card offers cashback when you spend, taking advantage could help you build up credit as you head into the holiday spending season. Just make sure you’re using the card for everyday spending on essential items and not on things you don’t really need.

4. Shop generic

For a while in the run up to the holidays, stick to generic brands as much as you can when you’re grocery shopping, as it could help you make some easy savings. You can then switch back to your favourites in the new year.

5. Pause (or cancel) memberships

If you have an annual gym membership, ask about whether you’re able to pause it for a few months and restart in the new year. You don't have to stop exercising; you could try exercising at home or using the equipment available at your local park. The end of the year is as good a time as any to review your subscriptions to everything from audiobooks and food delivery kits to streaming services to see if it’s time to cancel and save.

6. Review your mobile phone plan

Take a look at your plan to see if you’re using less than you’re paying for, like data for example. You could switch to another plan and save a few pounds every month. It could also be worth looking at other mobile phone providers to compare their plans too. Remember, if you decide to cancel your contract, you’ll probably end up having to pay an early termination fee, so add a reminder in your calendar to do this weeks before your contract is up for renewal.

7. Avoid next-day delivery

If you aim to plan and shop ahead, you might be able to take advantage of lower shipping and delivery costs (and maybe even free shipping in some cases).

8. Try some DIY gifting

If you’re keen on crafting, you could try making some gifts this year. You could get creative (and environmentally friendly) with alternative wrapping paper and homemade Christmas decoration ideas, too.

Christmas and the holiday season don’t have to mean going wildly over budget, and they can still feel special with a little forward planning and budgeting.

Looking for an account to keep your savings? Bank with Chase and you can open a saver account. Start saving with as little as you like, and we’ll calculate your interest daily and pay it monthly.

18+, UK residents. A Chase current account is required to open a saver account.

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