This way, you’ll all be spending similar amounts, and you can set a reasonable goal. If Secret Santa isn’t for you, you could consider setting a spending limit with close friends and family. Why not use this Secret Santa generator to get started. One of the best ways to save money on gifts at Christmas is by taking part in a Secret Santa with larger groups of friends or work colleagues, rather than buying individually for each person.ĭoing this will save you lots of money and time, and it can be great fun for everyone involved. Take a look in clearance aisles too - you’ll be surprised at what you can find for low prices.Īnd don’t forget to grab some Black Friday deals, to get major discounts on a variety of products. A lot of shops have summer, mid-season and Christmas sales throughout August - December so you can find great gifts for cheaper throughout the year. For help with this, take a look at our budget planning guide above.īeing organised and planning ahead will also help with cost-cutting. With stats showing that the average Brit spends £379 on Christmas gifts each year - that's £19.4 billion nationwide - it’ll come as no surprise that gifts are the main cause of financial burden around Christmas time.īut fret not… we’re here to share our best tips and tricks that’ll help you reduce costs this December.įirstly, you need to determine your overall budget. How to save money on gifts this Christmas Gen X are estimated to spend £425 on Christmas gifts each year, followed by millenials at £417, with Baby Boomers coming in last place, spending an average of £351 each December. Spend by region, generation and genderĪccording to Finder, the highest-spending generation at Christmas in the UK are Generation X - those aged between 40 and 54 years old. Some of the statistics we’ve collected are very interesting, so we thought we’d share them with you. In order to make this guide as useful as possible, we’ve spent a lot of time researching Christmas spending trends. It may help if you put together a Christmas budget planner to help you remember everything you might need for this festive season. It may be that you spend 50% of this total on gifts for your children, another 30% on gifts for close family and the final 20% on gifts for friends and extended family. Next, it’s important to determine how you want to split up these costs between your loved ones.įor example, say you’ve decided to spend £300 on gifts, you then need to determine budgets based on groups of people. We recommend that you spend 60% of your total budget of gifts, 25% on food and drinks, and the remaining 15% on travel.Ģ. Write down all the people you absolutely need to buy for, and set yourself a reachable goal on a weekly basis.ĭon’t forget to consider the cost of food, drinks, gifts and travel, and set a reasonable spending budget for each week. Now that we’re on the countdown to Christmas, setting a monthly or weekly budget can be extremely beneficial.ġ. If you want to stop overspending this Christmas, then it’s vital that you set yourself a budget and stick to it. Budgeting Tips How to Set Up Your Christmas Budget
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