This Christmas is going to be a challenging one for many families in comparison to recent years.
Inflation continues to bite and the cost of living continues to squeeze the pockets of millions of Brits nationwide. The festive period is, after all, a time for giving and celebration – both of which usually cost a substantial amount of money.
The average British household spends an extra £700-800 more per month in December in preparation for Christmas, which is a sizeable amount when budgets are already tight. This festive period this year is going to be a tricky one for families up and down the country, but below we take you through some pointers on how you can survive financially and start 2023 on a good note.
Boost your income in the run-up to Christmas
Every little bit of extra income you can get in the lead-up to Christmas will be vital to offset your heightened costs at this time of year. You could take on some extra shifts, do a little freelance or side-hustle work, sell some unwanted possessions or consider borrowing some money against the value of a valuable item – but only if you’ll be able to make the repayment comfortably. You should never spend more than you can afford because this may lead you down a path of negative debt cycles.
Consider if less can be more
An important question to ask this Christmas is: can less be more for our family or household? This can be associated with a range of factors such as presents, food and drinks. Perhaps buying fewer presents for each person will make the presents that are given much more sentimental and meaningful? Maybe a smaller Christmas dinner will still feed everyone adequately but reduce food waste and leftovers. Consider if the time spent with your loved ones is more important than buying more this festive season.
Ask friends and family to contribute to celebrations
The responsibility for preparing and organising Christmas celebrations usually falls on a handful of people, and when extended families are invited around – this can lead to huge spending in preparation. If you’re not comfortable with organising and hosting Christmas alone this year then ask friends and family who are attending to contribute to the meal and celebrations. This is a nice way to share the cost and reduce the burden on a small few.
Consider Secret Santa
Leading on from the “Consider if less can be more” section, Secret Santa may be a nice way to reduce the financial burden on everyone this Christmas. Buying only one present for someone else is a whole lot cheaper than buying one for every member of the family and it can provoke more thought to buy a present that is truly useful, valuable or cherished. Once again, this can help to reduce waste and avoid heaps of presents that actually never get used or appreciated.
This Christmas may be financially challenging for some but there are always ways to enjoy time with your family without breaking the bank. A bit of imagination and festive spirit might be all you need to have a holiday season without financial stress.
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