TAKE ADVANTAGE OF DEALS
IT MIGHT seem too early to be thinking about Christmas, but with less than 100 days to go until the big day, now is the time to start addressing your family’s festive finances. New research by the charity Action for Children (actionforchildren.org. uk) has found 71% of families that applied for help from its Coronavirus Emergency Fund had never asked for any financial aid before, showing the pandemic has hit many families hard – so sensible festive budgeting is more necessary than ever this year.
“Christmas can be a hugely expensive time, not to mention stressful, for parents, as demands for the latest toys, gadgets and games come in thick and fast,” says Jo Thurston, an Action for Children Parent Talk advisor (parents. actionforchildren.org.uk).
“And that’s before you start adding up those extra foodie supplies, the decorations and presents.
“This year, with family finances still reeling from the impact of Covid-19, winter may be looking bleak and we’re already hearing from parents who are starting to feel stressed about the pressure to spend at Christmas.
“This is why it’s essential to start planning now. Even small changes today may make things a little easier and less stressful when December arrives.”
Jo Harris, head of Barclays Money Mentors (barclays.co.uk/ money-mentors), adds: “After such a challenging time, families will no doubt be looking forward to making Christmas extra special this year.
“With many on a tighter budget due to the financial implications of the global pandemic, savvy ways to celebrate the festive period have never been more welcome.
“With less than 100 days to go until the big day, you’ve got time on your side, too – there are lots of ways to ensure both you and your wallet can enjoy some festive cheer.”
Here are their tips for making sure Christmas isn’t too costly this year...
Christmas List, or ideally get yourself an all-rounder such as Yolt Money & Budget Manager.
“That way you can make sure budgeting becomes a habit for life and not just for Christmas,” she says.
When budgeting, Jo advises families not to underestimate, and be as detailed and honest as possible.
“A good rule is to divide out your income,” she says. “Essential costs are your priority, so put money aside for those first. Whatever you have left, split into weekly spending amounts – it’s easier to manage smaller numbers and you’ll also be more aware when it’s running low.”
Once your budget is up and running, update it monthly and keep a tab on daily spending, she advises.
IT MAY be tempting to use your favourite brands for festive goods, but Jo Harris says taking advantage of available deals can save money.
“Most supermarkets start advertising 2-for-1 offers on the Christmas basics months in advance,” she says, “so make sure to look out for them in the run up to the festive period.” mistletoe and driftwood should all be readily available during the winter, so get foraging outdoors!
HERE’S a deal that’s music to our ears – your money work harder, Jo Thurston says.
“Ask them to spot cheaper items in the supermarket or what toys, books and games they no longer play with, that could be passed on to another family and earn them some money.”