Saving now for Christmas can add up to a stress-free new year
IF you are worried about the festive season making a dent in your finances, start planning and budgeting now.
We spent £452 on average last year on Christmas, according to research from Halifax. Standing at the top of the leaderboard of items we tend to splash out most on, are booze, gifts and the Christmas roast.
Here are some top tips from the independent Money Advice Service:
■ Set a budget
Work out how much you can afford to spend in total. Factor in food, gifts, decorations and social events.
■ Keep track of your incomings and outgoings
Putting aside a bit of money each week could soon add up by the time December comes around. If you want to avoid the temptation to dip into it, you could put it in an easy access savings account, rather than your day-to-day account.
■ Make snips to your spending habits
Are there any costs you can reduce or cut out altogether? Small savings can soon add up.
■ Switch to own brand
Save a few pounds by switching to supermarket own brand on regular purchases, such as cereal or ketchup. You might not be able to tell the difference!
■ Have a clearout
Why not have a clearout and look into selling any old and unwanted items on websites such as eBay and Gumtree?
■ SEE www.moneyadviceservice.org.uk/en/tools/christmas-money-planner for more help.