Half of Brits are planning to curb their spending this festive period to combat the cost-of-living crisis, a bank reveals.
As a third of households admitted to spending over £500 on food, presents and social activities last Christmas, Brits will be cutting back this year, according to Hodge Bank.
Of the 2,000 UK adults surveyed, 60% said they want to continue the cutbacks heading into 2024 too. A total of 56% will be saving in advance to afford the Yuletide celebrations this time around, which was most prevalent with the under 40s.
The majority of Brits are aiming to spend between £100 and £500 with presents the top priority when it comes to saving and spending cash, followed by food, festive events, and travel.
A separate study from Tesco also showed the nation’s desire to curb their festive spending, as over a third (38%) of the UK are planning on staying indoors during December to avoid splashing out in bars and restaurants.
After more than a year of households having to absorb food price inflation, rising housing costs and bills, the pressures of Christmas can be a lot for families to deal with.
As such, Christie Cook, managing director at Hodge Bank provides three tips on how to stay in budget this Christmas:
1) Dedicated shopping lists
Our annual survey this year revealed that 63% of Brits swear by making dedicated food shopping lists so that they don’t go off track.
By either doing an online food order or creating a strict list before you head out on your shop, you’re stopping yourself from getting sucked into the tactical Christmas offers placed around the store. Plus, you won’t be overspending on food and drink that you won’t need or use.
2) Start early
There are some shops that start their extended policy from around now. What this means is that products bought now may be eligible for a refund until after the Christmas period.
This will allow you to start your clothes shopping for friends and family sooner than December, and you’ll still be allowed to return them or exchange them in January if they don’t fit or aren’t wanted.
This will allow you to take advantage of November’s payday, spreading the cost over the next two months.
3) Black Friday has potential
Most people hold out for their purchases until Black Friday (last weekend of November), but you need to know whether the prices you’re getting are really worth it.
Make a note of the products that you need or want prior to this date, and when the time comes, only buy if it’s cheaper than the previous lower price you’ve found.
Just because it’s Black Friday doesn’t make everything instantly cheaper, so it is definitely worth hunting around beforehand.
