Each November I find myself paralysed with fear when I realise that Christmas is just around the corner. With two kids and a wife to placate, the festive period can make a serious dent in my bank account. Throw in the multiple boozy Christmas meet-ups with different groups of friends, and even the deepest pockets start to feel alarmingly light.
Of course, the best way to combat this annual financial dread is to start saving as soon as the new year starts. In reality though, I find that by the time that January rolls in, I’m desperately looking to recoup what was spent during the past month or so. So how do we manage to save enough throughout the year to ensure a stress-free Yuletide? As with anything, breaking down the task into bite-size chunks helps enormously.
With that in mind, here’s how to use your year to save for Christmas.
January
Don’t worry about putting any money aside in January. Give yourself the first month of the year to get yourself back on track.
This task is made easier by the fact that the majority of your friends and family will be in the same situation, and possibly tired of socialising after a hectic December.
Throw in the likelihood of yourself trying to become fit, and the absence of drink, meals out, and takeaways is a massive help when it comes to keeping hold of your income. Even though you haven’t put aside any money though, you can still take the first step in your savings journey by using an online savings calculator to figure out how much money you’ll need to accrue each month to meet your Christmas target. savingscalculator.org is a great tool to ensure that you’re aware of what you’ll need to put away each month to hit your goal amount.
February-May
At the start of any year, most of us are looking to improve ourselves in some way. For the majority, this means losing weight and trying to get a little fitter. But what if your new gym bunny persona is at odds with the baggy clothes, home brew kits, and donut makers you’ve filled your house with over the years?
The easy answer is to get selling! Online auction sites have opened up a huge market for us to sell our unwanted items to, while car boot sales remain as popular as ever too.
Whatever it is, if it still works and is in decent condition, then somebody will likely want to buy it. You’d be surprised at how much the stuff you’d previously earmarked for the tip can make you.
June-August
There’s few nicer ways to while away a summer afternoon than eating out with friends and enjoying a few drinks. The only problem with this is that eating out can make a serious dent on your savings, especially when you factor in the premium that restaurants charge for drinks.
While most money-saving techniques involve a degradation in experience in some way, there’s a simple and enjoyable way to get around the cost of a restaurant meal and drinks.
No, I don’t recommend running off before the bill comes, but instead making the most of the sunny weather and organising a picnic. Not only can you pocket the significant amount of money that you saved, but it’s also the only socially acceptable time you can drink in a park after you get past the age of 16.
September – November
Make savings here by going to public Halloween and Bonfire Night events with your kids. Fireworks and decent Halloween decorations can cost a fortune.
Elsewhere, keep an eye on your energy bills. As the nights draw in, these will start to rise quickly. Pay particular attention to electronics that consume energy whilst on standby. Smart home assistants are one of the worst for this, as even when idle, they still have to keep their microphones working. Switching your TV off at the wall instead of putting it in standby mode will save you around £11 over the course of the year. While this doesn’t sound like a lot, once you factor in multiple televisions, games consoles, TiVo boxes, and other devices, you could conjure up close to £100 which you would never have had normally.
December
Once the big day’s been and gone, don’t be tempted to sit back and give yourself a pat on the back for all the savings savviness you displayed over the year – get buying up those discounted Christmas cards, wrapping paper, and even evergreen gifts for next year!