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Hodge’s festive finances: saving money at Christmas

12th December 2023

Keep your finances toasty through the chilly season with our top tips for saving money at Christmas. We asked 2,000 people their best tips to trim spending over Christmas. We also caught up with the experts at Hodge to see how they plan to cut costs over the autumn and winter months.

Santa's saver claus

Be like Santa, make a list of your Christmas expenses and check it for savings opportunities. You might find some unnecessary expenses that can be trimmed. 65% of our survey respondents believe cancelling unnecessary subscriptions such as TV streaming services can be a great way to save.

Crisis-proof Christmas

With the cost of living crisis, make a budget and stick to it. Consider homemade gifts or secret Santa exchanges to spread the holiday cheer without breaking the bank. When it comes to Christmas, our survey found 56% of respondents save specifically for the holiday season.

Yule-tide utility dash

Have a nose through your utility bills and check your utility providers for potential cost savings. Switching to a cheaper provider can brighten up your holiday budget. Almost half of our survey respondents found this a popular savings strategy.

Have a clear out. I made more than £1,000 selling things I don’t need.” Jamie

“Try cashback sites like TopCashback or Quidco. Also Instagram pages like DealBoy which posts daily money saving deals.”  Sophie

“On payday, transfer your money to an account with different pots, such as a rent, bills or savings pots. Any leftover can then be used as a weekly budget for everyday spending.” Katie

“I use a spreadsheet to allocate a budget for each person I'd like to buy gifts for. It helps to track my spending so I can stick to my budget as much as possible.” Katie

Have a very merry meal plan

Planning your meals for the week prevents you from overspending on last-minute takeout, so you can save more for those festive feasts. 45% of our survey respondents ranked food as a festive priority. So cutting back now could help splashing out later.

Flying-high reindeer rates

Look for interest rates higher rates can stack up your savings like a pile of presents under the tree. Approximately one-third of respondents looked for higher savings interest rates when saving money.

Be on the nice list

Set specific savings goals like you’re hoping to get on Santa's nice list. Whether it's saving for gifts or decorations, having a plan keeps your spending in check. 42% of those in our survey save between £100 and £500 for Christmas.

“Use coupons on your Christmas food shop and check if any of the main supermarkets have offers. For example, ASDA offers discounts such as putting £10.00 in your Cashpot if you spend £50.00 in store.” Charlotte

“Stock up on non-perishables you’ll need when they’re on offer. You can use this tip throughout the year!” Emma

“Prepare your meals for the week. It helps me to only buy what I need and stops impulse purchases on expensive lunches when I’m in the office.” Lewis

Festive funds for all

Breakdown your budget allocating spend for each gift – it’s a simple but effective yule-tide savings strategy. 58% of our survey respondents spend most on children, with friends and family coming in a close second and third.

Rein in online shopping

Don't let online shopping dash away with your savings. Keep it in check and only buy what's on your list. You'll avoid impulse purchases which can frost your budget. Our survey found more than half (53%) of the respondents plan to spend less this Christmas due to rise in the cost of living.

Trim those subscriptions

Cancel those subscription boxes faster than Santa's sleigh! Ditch any subscriptions you don't need and put the savings towards the holiday season. 65% of our survey respondents surveyed believe cancelling unnecessary subscriptions is great way to save.

“If you're ordering things online, keep the packaging and use it as wrapping paper! Brown paper from Amazon can be used to wrap your gifts instead of buying paper.  Saves money and it's an eco-friendly option!” Deb

“I bought all my wrapping paper, tags and Christmas decorations in the January sales.” Jamie

“Stock up on next year’s Christmas decorations and gifts by buying them in Boxing Day sales.” Charlie

“Put a little aside, often. £1 a day is £365 a year plus interest. You don't notice the little and often amounts.” Caroline

Unwrap savings online

Hunt for online deals like a festive treasure hunt. Saving pennies now can lead to pounds of joy later!

Stuff your piggy bank

A tried and tested way to save – keep your coins and use them for spending over the holiday season. They can be great for Christmas fayres or a winter wonderland day out. Events ranked the third most popular reason for spend at Christmas time.

Save time for the moments that matter

It's not all about the pile of presents. It's about sharing the time with loved ones and enjoying the magical moments that matter. 

“This year I’m buying memories rather than things. This helps me stop buying gifts for the sake of it the weeks leading up to Christmas. It’s great to spend time with loved ones in the moments that matter” Emma

Wishing you a holly, jolly, and financially-smart festive season!

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