How To Save Money This Christmas - And Not Break The Bank!

We all know Christmas can leave a rather large dent in our bank balance, but we have a few finance tips to help you make the most out of the season - hopefully without any of those New Year financial blues.

1. Shop Smart

• Sometimes it's best to not go food shopping on an empty stomach - you might end up buying much more than you were planning to!

• Again, if you're food shopping, make use of those loyalty cards (Nectar card for Sainsbury's, Tesco Club Card for Tesco, etc.)...they can end up saving a lot of money

• Make use of those online deals. However, they are only great deals if you wanted them in the first place - otherwise, they're just impulse buys and unplanned spending!

2. Compare Prices Online

• If there's something you (or a loved one) really want, check different websites for the same service/product. You never know, what you're looking for might be slightly more affordable elsewhere

• For essentials and groceries, there are lots of sites online, such as My Supermarket Compare, where you can compare supermarket prices and pinpoint the best deals

3. Minimal Change, Maximum Savings

• It's easy to spend £50 a month on coffee and hot chocolate without realising it. You could try cutting out coffee stops to make a significant saving this December

• If you're ordering items online, try to make sure you purchase them at the same time so they're not sent as separate orders - delivery fees can add up!

4. The Personal Touch Goes A Long Way

• A thoughtful, personalised present is often appreciated and treasured for its sentimental value longer than this year’s ‘must-have’ buy. Companies such as Etsy or Not On The High Street are great sources to find that special, individual gift

• You and your friends/family can always group together to collectively purchase a gift. You could save some money and give that someone a gift they'll remember

5. Have A Plan

• Manage your accounts - track your expenses as you go along so you don’t end up overspending and busting this month’s and next month’s budget

• Stick to your budget - break down your financial plan. Ask yourself: how much will go towards gifts, food and drink, leisure and entertainment, as well as the usual monthly household costs?

The article outlines just some tips for saving money during the holiday season. It does not represent financial advice. If you would like personalised financial advice, please contact a financial adviser.