Households told save £30 now to make £270 for Christmas

Christmas is now less than two months away and while that may seem like a long time, the big day will roll around before you know it. The festive season brings with it lots to look forward to, including presents, tasty seasonal fare and enchanting Christmas markets, but it can also be a time of financial worry for many. If you’re already panicking about the strain of Christmas on your household budget, now is the time to take a small, simple action which can help you avoid landing in debt come January.

Read more: Lloyds Bank customers handed £200 free cash before Christmas Financial experts advise making an adjustment to your saving and spending habits by starting to put some money aside for Christmas right now. David Murray, a financial planning expert from abrdn, recommends that households aim to put away £30 per week. As there is now just nine weeks to go until Christmas, this means you could save £270 in time for December 25, giving you a healthy budget for any last-minute presents or food shopping you need to sort.



If £30 per week is too much, you could put away a slightly lower amount of £20 each week to make a £180 saving, or £10 per week to save £90. Murray explains: “Saving little and often each week will ensure that you have a pot ready come December. Weekly savings could feel more manageable than putting bigger amounts aside when you get paid too.

” For those who feel unable to put money aside every week, Murray suggests reviewing your normal monthly spending to see where you might be able to make a few cuts. He adds: “Even if it’s just for a few weeks in the run-up, it could make a big difference.” Households are also advised to discuss Christmas finances with family and friends to help understand what budgets you are working towards.

He says: “Depending on the size of your Christmas party – whether that be friends, family, neighbours, colleagues – the list of people to get gifts for can feel endless. “Having early conversations with friends and family about budgets, and putting spending boundaries in place, can ease any anxiety about gift affordability and ensure expectations are matched. “It might feel daunting, but it is completely normal, and you might find that your loved ones are grateful to be open about Christmas costs.

” And if you’re looking for ways to add a bit more cash to your Christmas spending pot, Murray suggests selling some unwanted items on eBay. eBay UK recently scrapped its fees for private sellers across its categories, except motor listings, and estimates that UK homes are sitting on £9 billion worth of unused items. According to the website, nearly a quarter (24%) of UK homes are sitting on items worth more than £500, with common items including clothes, CDs and tech.

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