Business + Finance + LawChristmas

Reducing Your Last Minute Christmas Expenses

The big day may be fast approaching, but it’s not too late to reign in your Christmas spending. In accordance with the popular jingle, Christmas may be the most wonderful time of the year, but it’s also the most expensive – with the average UK household spending a jaw-dropping £1,551 on gifts, food, and decorations.

There’s nothing like debt and destitution to put a damper on your party spirits, so take control of your spending and reduce those last minute expenses while you still have time. Come January, you’ll thank yourself for your frugality and will hopefully ring in the New Year free from financial woes.

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“30 Percent of Us Will Put Christmas On the Credit Card This Year”

According to the Daily Express, a whopping 30 percent of us won’t get through the festive season this year without relying on credit cards. Giving the rising cost of living and wage stagnation, our need to borrow isn’t surprising. However, the growing number of people who resort to Christmas on credit suggests that many of us are making last minute purchases and impulse buys rather than budgeting accordingly. So, when it comes to Christmas, what exactly do we spend our money on?

The Bank of England states that the average household usually spends over £2,000 per month; but sufficed to say, our spending habits change dramatically over the festive period. The average consumer spends 20 percent more on food at Christmas than during any other month and an extra 30 percent on alcohol. Book purchases also increase by a whopping 80 percent over the festive season, according to the study.

What’s more, despite widespread economic uncertainty, the Independent predicts that the cost of the average Christmas will rise by 1.3 percent this year, while online shopping is set to rise by 11.8 percent to become the main driver of retail growth.

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How to Reduce Your Christmas Costs

Although the official countdown has begun, there is still time to reduce your Christmas spending if you want to avoid financial strife in the New Year. If you haven’t done so already, create a budget for the big day and work out how much you’ll have spare after you’ve paid for your everyday food and bills. Don’t forget to factor in travel costs and parties you want to attend, along with any other last minute purchases you might need to make over the next couple of weeks.

If you still need to buy gifts, work out a budget now and start shopping online using cashback sites and voucher codes. You can find vouchers for big retailers like Tesco, Argos, and Amazon here: www.myfavouritevouchercodes.co.uk. Remember, the closer it gets to Christmas, the more expensive your shipping costs will be, so if you’re ordering presents online, get it done now. Black Friday and Cyber Monday have been and gone, however the aptly named Panic Sunday (the last Sunday before Christmas Eve) is still to come, so you might be able to pick up some last minute deals there.

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