How to Budget for Christmas

Monday, November 9, 2020


With all the presents and lots of extra food to buy, many families can really feel the financial pressure at this time of year. However, being able to plan your Christmas on a budget may help ease some of the monetary concerns we can have about the festive season.

With the big day on the horizon though, now is the time to start properly thinking about what you need and what you can realistically afford. So to help you with this, we’ve put together some Christmas budgeting tips and advice you can use to ensure you have a memorable and affordable holiday.

Tip One: List the things you need

It may seem obvious, but the sooner you start preparing ahead of time, the less stressful your December should be. Write lists for things such as food, drink, presents and decorations, as if you figure out roughly how much you will need before December, it’ll give you plenty of time to plan ahead, cut costs and work to a budget that suits you.

Tip Two: Be smart with your groceries

Think back to Christmasses gone by, it might be you’ve had a lot of leftover food you might have ended up wasting - which is also ultimately money wasted.

There are a few things you can do to avoid this and make your xmas food shops much more cost-effective.

  • Mix up between shopping online and at supermarkets and keep on the lookout for vouchers and discounts that may pop up.
  • Online voucher sites and festive discounts in local newspapers can also be useful for reducing your spend.
  • If you have a food list, you may also want to brave the big shop closer to Christmas when food prices are typically reduced by supermarkets to get rid of surplus stock over the holidays when the stores close.
  • Where possible, you should also avoid big brands and instead buy own-brand goods that are usually cheaper.

Tip Three: Make the most of the sales events

With your gift buying, decide how much you are going to spend on each family member and aim to do your shopping on the major sales events like Black Friday and Cyber Monday.

Both are happening at the end of November though, so make sure you get your gift lists together soon so you can take advantage of the deals.

Tip Four: Get creative with the decks

Decorations can be expensive, so why not make your own instead? From baubles, homemade Christmas crackers and even wreaths, if your decorations are looking tired from previous years it’s the perfect chance to make some more and have some
fun with family creating them.

Find the best DIY Christmas decorations and how to make them here !

Tip Five: Plan other free activities

You don’t need to spend lavishly to make Christmas memorable! It can be better to make memories rather than spending a tonne on presents or going out. Use Christmas time to connect with family and friends - plan events and games and get creative with things like baking christmas treats, making decorations and Christmas caroling.

With the issues from the pandemic, spending time indoors for free isn’t just cost-effective, it’s more in line with social distancing and the potential additional safety or lockdown measures we could be facing.

How we can help

Be sure to check out how Leeds Credit Union can help you this Christmas, from our Christmas Club account, Regular Saver account, Membership accounts there are plenty of opportunities for support available - take a look here. What’s more, with one of our loans we can provide additional financial assistance for Christmas 2020 with competitive and fair interest rates.