Are you running short of money for Christmas?

Christmas is rapidly approaching and, in these difficult financial times, many of us are planning to spend less money than normal. According to YouGov, 60% of people in the UK are saying that they will spend less on Christmas this year than they usually would.

The average person in the UK spent around £1100 on Christmas in 2021. But this year, the reduction in spending is likely to impact on various different areas, including:

• food expenditure;
• gifts;
• gatherings with family or friends;
• festive outings such as pantomimes or Christmas markets;
• travelling;
• charity donations.

But what can you do if you do your best to cut back but are still running short of money for Christmas? With a bit of planning there are various ways round this.

Here are five tips that may help:

Agree with family and friends to spend less money on gifts

Everyone is in the same boat this Christmas, in terms of finances being stretched. So why not take some of the pressure off and agree with family and friends to cut down on the cost of gift shopping? You might decide to do one or more of the following:

• Just buy gifts for the children;
• Organise a Secret Santa for adults, so everyone only has to buy one gift;
• Set a strict spending limit for gifts – and stick to it!!

Shop more widely for gifts

If you are looking for something special, consider shopping more widely for that gift. For example, does it have to be new? You may get a nicer gift if you look at antique or vintage items. 

Or if you are looking for something specific, try outlets such as eBay or Facebook Marketplace that may have just what you are looking for on a second hand but unused basis.

Another alternative is to give someone a completely personalised gift. Either something you have made yourself, or even a voucher pledging your time to help them out in some way, for example babysitting, house sitting, decorating or gardening.

Keep socialising simple

There is no reason at all why you can’t have a wonderful Christmas and see all the people you want to, but without spending lots of money in the process. Why not plan simple gatherings where everyone either brings drinks and nibbles, different courses for a meal, or clubs together for a takeaway. 

Reduce your Christmas food bill

It’s important to remember that Christmas lunch is just one meal. It doesn’t have to be turkey with all the trimmings, it can be anything you want it to be. The most important thing is that you eat things that you like, and enjoy being with the people that are important to you, rather than fall into the trap of buying the food you feel you “should” be eating.

And, whatever food you decide to have, plan your meals carefully and don’t go overboard on portion sizes. Just think how much food has been wasted on previous Christmases and make sure that doesn’t happen again. Small portions of something you like are much better than plates piled high with food that just goes to waste.

Boost your finances with a loan

If you are still struggling to finance your Christmas, another option could be a loan. It could help you to spread the cost of Christmas into 2023, but you need to be very sure you could afford the loan repayments. A planned loan could be a better option than resorting to credit cards, as you would know up front what you need to repay and when, and how long you have to make the repayments.

If this is something you are considering, Loans2Go may be able to help.

We hope that this article helps you to find ways to sort out Christmas if you are running out of money. Do visit us here again soon for more financial and lifestyle tips from Loans 2 Go