Ways to prepare your finances for Christmas

Early October might be way too early to be thinking of Christmas, but it can pay to plan ahead.  

The festive season can be super expensive, and incredibly stressful too. Making a few simple moves this side of Halloween can save a whole lot of stress and worry in December, not to mention debt in January.  

Here are some savvy ways to prepare your finances for Christmas. 

Have a financial ‘autumn clean’  

Now’s the time to look over your bank statements and see where any savings can be made.  

You may be surprised about what savings you could potentially make, such as ditching a subscription you no longer use, or switching to a cheaper broadband contract.  

Be ruthless in your financial ‘autumn clean,’ as any savings you can make now, no matter how small, can go towards your Christmas budget.  

Start a Christmas savings account 

Putting aside a small amount of money each week can quickly build up. Before you know it, you’ll have a pot of money ready for your Christmas shopping.  

It might be something informal like putting a few pounds aside in a piggy bank or setting up a dedicated Christmas saver account with a bank.  

Add a Christmas item to your weekly food shop 

Rather than facing a huge Christmas food shop in December, spread out the cost by purchasing one festive item with every shop you make between now and Christmas.  

Whether it’s Christmas crackers, a bottle of Baileys, or chocolates for under the tree, store non-perishable items in a Christmas cupboard.  

You’ll be surprised as to just how much festive fayre you can accumulate between now and 25 December. 

Start pulling in the presents now and take advantage of any deals  

Don’t restrict early Christmas shopping to festive food and drinks. If you see a suitable present for a loved one in October, buy it.  

Take advantage of any offers being made by the retailers in the run-up to December. Boots, for example, offers a great 3 for 2 mix & match Christmas range, meaning you can indulge loved ones and remove some of the stress from Xmas shopping by getting presents knocked off early.  

Prepare for Black Friday and Cyber Monday  

Black Friday, the Friday after Thanksgiving in the United States, traditionally marks the start of the Christmas shopping season, and sees many stores offer sales at discounted prices.  This year, Black Friday is on 29 November.  

Be prepared for the Black Friday bargains’ scramble by looking out for the best deals in advance.  

Many retailers promote their deals ahead of the Black Friday weekend, so it can be a good idea to follow your favourite brands on social media to keep up to date with the best promotions. Then, when Black Friday commences, you’ll know exactly what you’re after and where to find it.  

Taking place just three days later, Cyber Monday completes the Black Friday sales period. Cyber Monday encourages people to shop online and most of the major retailers offer discounts and deals on products available on their online stores.  

It’s worth noting that in-demand items, such as games consoles and tech gadgets tend to be snapped up quickly, so waiting until Cyber Monday to make purchases isn’t always sensible.  

Don’t go overboard 

It can be tempting to go overboard on Black Friday weekend, as from a retailer’s point of view, the promotional period is to encourage spending.  

To avoid such temptation, make a list of the items you want in advance and stick to it. This will help you make the most out of Black Friday and Cyber Monday without being left out of pocket for the remainder of the festive shopping season.  

Remember, just because you’re preparing for Christmas early, doesn’t mean you should spend more. Always budget within your means at Christmas. Agreeing to spending limits with friends and family can be a good way to keep spending low.  

For more tips on how you can cut costs when it comes to buying gifts, read our blog on what to do if you can’t afford Christmas.  

If you need help, ask for it  

If you worry about how you will afford Christmas this year, there is help and support available.  Get in touch with your local council to see what cost-of-living support they’re offering.  

Check you’re getting the benefits you’re entitled to with our free benefits calculator. 

And if you can no longer afford your debts, find out how we can help.