With costs continuing to rise and temptation to overspend growing as the Festive Season approaches, this December may be a stressful time in terms of finances.
This Festive Period, MyBnk’s ‘Don’t Get Snowed Under’ Campaign will help young people and parents enjoy the festivities without overspending and facing negative consequences, such as problem debt or poor mental health.
So here are some of our top tips for staying financially healthy this holiday season
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Make your own gifts
If you’re into arts and crafts, why not save yourself some money and make something instead? After all, personalised gifts are always much more meaningful. You could make your loved ones a cookie mix jar or a scrapbook of photos to document 2022’s happiest moments. Download apps like FreePrints and get started printing your photos. More ideas here. And if you’re not so crafty, you could always regift a pre-loved or unwanted item!
Save on food
Why not simplify festive meals like Christmas dinner by asking your friends and family to all bring a dish? This can be a really fun way for everyone to get involved in the cooking and you won’t be left with a hefty grocery bill. You could also swap out traditional foods like Turkey or Christmas puddings for cheaper equivalents.
Make the most of free tools
Money Saving Expert’s DemoHoHotivator is a great resource that allows you to see how much you could save for the festive season by cutting down on everyday non-essential purchases. Budgeting tools can also help you keep on top of your monthly spending – and they do all the maths for you! Check out MoneyHelper’s budget planner or free apps such as Fudget or Emma.
Shop smart in the sales
With the festive season comes a ton of offers, deals and discounts. This can be a great time to buy gifts for loved ones or to finally purchase that item you’ve been saving for.
Make sure you don’t get sucked into special offers and deals by remembering what you really need to purchase, rather than impulse buying. It can also be useful to shop around to find the best deals rather than jumping on the first one you see – Which.com shares the best deals from the seasonal sales while tools such as Karma and Pouch scour the internet to find the best prices for you.
Remember, if you don’t need them right now, waiting until the end of December/January to make purchases can bring serious savings. Seasonal items such as winter coats and boots or even Christmas decorations and tech are often heavily discounted after the festive season, so play the waiting game and snap them up later.
Seek help if you need it
If you are struggling to afford your living costs or have found yourself in debt you can’t repay, there is help available. Visit StepChange debt charity’s website for online debt advice or give them a call on 0800 138 1111. Many people struggling with financial issues aren’t even aware that support is available, or that organisations like StepChange can help them take back control. It can be difficult to open up and admit you need help, but it’s a necessary step to move towards financial freedom.
Get involved by sharing your favourite festive money hacks on social media and tagging in @MyBnk/@MyBnk_ on TikTok and Instagram.
And check out our TikTok for festive content throughout the month.
The MyBnk Team
