I always blow the budget with Christmas gifts – how can I manage my spending this year?
With some careful planning, we can be generous and savvy with our money, as Imy Brighty-Potts finds out.
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Your support makes all the difference.With Christmas just a few months away – and many of us worried about keeping up with rising living costs, let alone forking out on festivities – you might be getting anxious about buying presents.
Particularly as this is the first non-pandemic Christmas in a few years (hopefully!), and if you usually give gifts to a lot of people, you might really be feeling the strain.
According to Jasmine Birtles, money saving expert and founder of Money Magpie (moneymagpie.com), there is a lot of emotion attached to Christmas spending.
“There’s so much pressure to spend, obviously with so many adverts offering the perfect Christmas – but only if you spend loads of money,” says Birtles.
“But we know there is no such thing as the ‘perfect’ Christmas, it is about thoughts and feelings and good relationships. Yet over the past 100 years, Christmas has become a spend-fest.”
So, how can we beat the pressure to overspend and still give lovely, thoughtful gifts at Christmas?
Make a gift list and discuss it
Birtles suggests starting by making a physical list of who you want to buy for. And think carefully – do you really want and need to buy for all these people? Or are you being led by a sense of guilt and obligation?
Then, look at ways you could possibly save on costs. If there’s a group of you – say family or friends – could doing some sort of collective deal help everyone?
“Have a discussion with family and friends about maybe doing a Secret Santa, or doing an activity all together where a one-spend of quality time happens,” suggests Birtles. “Maybe no-one but the kids will get presents this year. Most people will be grateful for you saying it, because most people are struggling,” she adds.
Put money in ISAs for kids
It may seem a bit boring, but putting a bit of money in an ISA or savings account for younger relatives, rather than splashing out on pricey toys, could be a great option.
“Even if you only have £25 to give to a kid, help them set it up with their parents and invest it. It could triple or quadruple as you invest, but speak to them about it. It will make more later on, and that is a good bit of financial teaching too,” Birtles explains.
Set your budget
Don’t just hit the shops and hope for the best. Decide on a solid, immovable budget – this means taking into account your own living costs and savings goals for the future, and ensuring what you spend doesn’t throw these off track.
“If [you] can work out how much you can afford extra for Christmas itself, that will help. Look at how many people are on your gift list, see how much extra you can spend and then divide that up person by person,” Birtles explains. Write it on your gift list and stick to it.
Make use of your skills
Why not get crafty this Christmas too? “Some people don’t like made gifts, but they can be brilliant. If you have a skill like knitting or baking, use it,” says Birtles. “If someone has enjoyed one of your cakes, that could be a good way to do it.”
Plan when to spend
Spreading the cost over several months and hunting for deals can be a good way to get more bang for your buck – but don’t be tempted by offers that end up making you spend more than you intended, just because they’re being billed as ‘bargains’!
“Shop earlier to pace it out. Women tend to shop early in the sales, whereas men may leave it to the day before. There are deals at different times – look out for them. You can wait, but it is a gamble,” says Birtles.
Gift people your time
Our time is precious and we are all so busy these days, so why not give your time to the people you love? After all, quality time together is often what our loved ones want the most – or you could add extra value to that time by getting creative.
“Grandma would probably rather have quality time than just a box of smellies. Some people would prefer something like a weeks’ worth of babysitting. Maybe you are good at doing nails or hair, why not offer a few sessions of doing that,” says Birtles.
“Perhaps you love gardening and you can help with their garden. Offering this could be a really good gift.”