WITH just 13 weeks to go until Christmas, we let you in on how to save an extra £500 between now and December.
According to The Bank of England, the average household spends around £500 more in December than in any other month of the year.
But even though we’re almost in October, it’s not too late to start saving to make the run-up to Christmas less stressful.
By putting aside a little bit of money each day, you can save enough to cover some Christmas shopping, or pay for a few festive nights out.
If you put away £7 each day, starting today (Tuesday 24 September), you will have saved £511 by Friday 6 December – giving you extra money to go shopping with on the first weekend of the festive month.
If you have a partner you can try splitting the task, saving £3.50 each every day for the next 10 and a half weeks.
How to save £7 a day
There are some easy ways to hit your £7 daily target by making some small changes for a few weeks.
- Give up buying your morning coffee at a café a couple of days a week and make a drink at home instead – this could save your £3.50 share in one go
- Write a shopping list for the supermarket and stick to it – and no shopping when you’re hungry
- Switch to own-brand products for a few weeks to cut your grocery bill
- Make a packed lunch to take to work rather than buying an expensive sandwich
- Have a bottle of wine at home rather than going to the pub
- Raid your home for things you could sell on eBay or other online marketplaces to raise extra cash
- Work out what luxuries you could do without for a few weeks – perhaps that’s giving up your weekly takeaway or doing your own beauty treatments at home. Remember – it’s only for a few weeks
Even if you only manage to save £5 a day, you will still save more than £350 by the first weekend in December – which could just take the pressure off, or give you some extra cash to treat your family.
While this may sound like a lot of cash to squeeze out of your budget, look at simple things you can cut down on to save.
For example, cutback on luxuries including takeaway coffees or a trip to the pub in exchange for drinks at home.
See the box out above for more top tips.
Also, stash your cash in an account that pays interest – that way you'll earn extra dosh for free and your money is kept safe as long as the provider is covered by the Financial Services Compensation Scheme (FSCS) – unlike supermarket Christmas supermarket savings schemes.
The top easy-access savings account that is FSCS protected is with Skipton Building Society and currently pays 1.3 per cent. See our guide to the top savings accounts for a rundown of the best deals.
It is also worth keeping an eye out for pre-Christmas deals on popular toys and food. Tesco slashed the price of festive favourite Terry’s Chocolate Orange last week, to just 75p, so you can tuck them away until Christmas.
And Argos has launched a huge sale with up to 50 per cent off LOL Surprise toys, Peppa Pig merchandise and more.
Retailer Smyths Toys is also giving customers £10 off their shop if they spend £50.
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