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Planning for Christmas: is it ever too early?

Written by Ipswich Building Society

9 Aug 2021

Tags

Christmas, Personal finance

2 min read

 

It may seem that we have only just finished Christmas 2020, but as we enter August it could be the right time to start planning for the 2021 festive period.

With only five months to go until the big day, now could be the time to get ahead and begin to plan for Christmas. This could be to figure out which finances are needed for the festive period or finding the best budgeting tips to save big for the spending spree.

The cost of Christmas

We all know it’s an expensive time of year, but with the countless presents, food, drinks and decorations how much does Christmas really cost? The average cost of Christmas 2020 added up to a substantial £883 on average, down £233 compared to 2019 – with COVID the likely factor behind less spending. As expected, most of the spending goes on present buying, with Brits spending £406 on average per person. With COVID restrictions being lifted and potentially non-existent by December this year, many may decide to tie a holiday into their festive plans. (https://yougov.co.uk/topics/finance/articles-reports/2020/12/23/covid-19-and-cost-christmas-2020)

Tips for Christmas savings

  • Set a budget – If you set a budget for the various costs, it’s much easier to stay on top off and know where you can maybe reduce some spending where possible
  • ‘The Christmas pot’ – Having a place to put small amounts away each month could be a great way of building some savings for the festive period.
  • Do your research – taking some time out to fully research gifts, food or drinks for celebrations will allow you to pick out the best deals and make some quick savings. This could also mean browsing in smaller retailers rather than the big names.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

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