Presents of mind
Paying heed to some careful planning, we can be generous and savvy with our cash this Christmas, as Imy Brighty-potts finds out
With Christmas just four weeks away – and many of us worried about keeping up with rising living costs, let alone forking out on festivities – you might be getting anxious about buying presents.
Particularly as this is the first non-pandemic Christmas in a few years – hopefully – and if you usually give gifts to a lot of people, you may really be feeling the strain.
According to Jasmine Birtles, money saving expert and founder of online personal finance portal moneymagpie.com, there is a lot of emotion attached to spending at this time of year.
“There’s so much pressure to spend, obviously with so many adverts offering the perfect Christmas – but only if you spend loads of money,” she says. “But we know there is no such thing as the ‘perfect’ Christmas, it is about thoughts and feelings and good relationships. Yet over the past 100 years, Christmas has become a spend-fest.”
So, how can we beat the pressure to overspend and still give lovely, thoughtful gifts at Christmas?
Make a gift list and discuss it. Jasmine suggests starting by making a physical list of who you want to buy for. And says we should think carefully – do you really want and need to buy for all these people? Or are you being led by a sense of guilt and obligation?
Then, look at ways you could save on costs. If there’s a group of you – say family or friends – could doing some sort of collective deal help everyone?
“Have a discussion with family and friends about maybe doing a Secret Santa, or doing an activity all together where a one-spend of quality time happens,” Jasmine advises. “Maybe no-one but the kids will get presents this year. Most people will be grateful for you saying it, because most people are struggling.”
But to get little people off to a good financial start, you could consider putting Christmas money into ISAS for children. It may seem a bit boring, but putting a bit of money in an ISA or savings account for younger relatives, rather than splashing out on pricey toys, could be a great option.
Jasmine explains: “Even if you only have £25 to give to a kid, help them set it up with their parents and invest it. It could triple or quadruple as you invest, but speak to them about it. It will make more later on, and that is a good bit of financial teaching too.”
Nevertheless, the idea is to set your budget and don’t just hit the shops and hope for the best. Decide on a solid, immovable amount – taking into account your own living costs and savings goals for the future, and ensuring what you spend doesn’t throw these off track.
“If you can work out how much you can afford extra for Christmas itself, that will help. Look at how many people are on your gift list, see how much extra you can spend and then divide that up person by person,” Jasmine says. Write it on your gift list and stick to it.
And why not get really crafty this Christmas? “Some people don’t like homemade gifts, but they can be brilliant. If you have a skill like knitting or baking, use it,” Jasmine enthuses. “If someone has enjoyed one of your cakes, that could be a good way to do it.”
It’s a bit late for Jasmine’s next piece of advice for this year, but it is always wise to plan when to spend.
“Shop earlier to pace it out,” Jasmine urges. “Women tend to shop early in the sales, whereas men may leave it to the day before. There are deals at different times – look out for them. You can wait, but it’s a gamble.”
Our time is precious and we are all so busy these days, so why not give some to the people you love? Time together is often what our loved ones want the most. “Grandma would probably rather have quality time than just a box of smellies. Some people would prefer something like a weeks’ worth of babysitting. Maybe you are good at nails or hair, so why not offer a few sessions of doing that,” says Jasmine. “Perhaps you love gardening and you can help with their garden. Offering this could be a really good gift.”
“There is no such thing as the ‘perfect’ Christmas,
it is about thoughts and feelings and good
relationships”