You are here: Home - Saving & Banking - Understanding -

The holiday host’s financial checklist

Written by:
The cost of hosting family for the holidays can go well beyond a perfectly trimmed tree. It pays to get your financial house in order before guests arrive.

Here are five ways to protect your home – and your bank account – through the festive season.

Add additional drivers to your car insurance policy

If you have adult family members coming to stay consider adding them temporarily to your car insurance police. Most providers will allow you to add additional drivers for any period between one and 28 days, giving you much greater flexibility. Not only you save time doing pick-ups and drop-offs, the single insured driver won’t be forced into an involuntarily dry Christmas.

All you need to do to add other drivers – usually you can add up to four – is call your provider and give them some simple information. In turn your provider will give you a price for the extra cover. The cost will vary between providers but may include a small administration fee.

Make an energy-saving plan

LED Christmas lights cost six times less power than traditional lights, according to the Energy Saving Trust, meaning that if every British household used these energy saving bulbs on their trees the nation would save £9.7m

But the savings don’t stop there – some serious savings are possible outside, too. An extravagant holiday lights display outside can cost as much as £100 to run through the month of December.

Unplugging your tree when you go to bed, trying to cook multiple dishes at a time and closing your curtains at night to save on heating can also help you finish the most expensive month of the year well under-budget.

Get accidental damage cover

Nieces and nephews can be a joy to host over the holidays, but a glass of red wine being  dumped on your white carpet during a game gone awry is not ideal. Many home insurance policies don’t cover accidents like spills and breakages as standard; if you’re having children come to stay you should consider adding accidental coverage just in case.

Accidental damage cover will typically hike up your premium by around 20 per cent per year, but you’ll be glad you ponied up when little Timmy chucks a football through the plate glass garden door. Remember that children are covered but pets often aren’t, and your electronics will probably already be covered under your standard policy.

Update your contents cover

If you’re giving any expensive gifts be sure to update your contents insurance.The holidays are prime time for burglars, with long nights and ample opportunity to scout for expensive presents, often advertised by boxes left by the bins. Be sure you’re adequately protected.

This isn’t a time to guess. Research the value (or double check your receipts). When you have a total go for a slightly higher figure to cover all of your bases.

Hunt for discounts

With the supermarket price war heating up, this is the Christmas to hunt for a bargain. From discount supermarkets like Aldi and Lidl – the latter of which is famed for its wine selection – to Christmas coupon hubs on discount websites like Topcashback there are deals to be had in store and online alike.

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week