Expert shares 8 tips to cut Christmas costs - including skipping Black Friday

Woman with piggy bank
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People are being encouraged to act swiftly to ensure they can afford the Christmas they want.

Liz Hunter, director at Money Expert, has offered some of her top tips that you can start implementing immediately to avoid overspending this coming festive season.

Even better, some of the strategies you can employ are incredibly straightforward and require minimal effort. Her advice encompasses how to buy gifts at a reasonable price, utilising discount codes and vouchers, and the optimal time to begin buying Christmas food, reports Nottinghamshire Live.

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Start saving now

Although it might seem too late to start saving in September or October, spreading out expenses over the next three months can still make a significant difference. Consider how much you'll realistically spend this Christmas, taking into account the cost of food, gifts, events and any other expenses.

Split this total into three equal parts then once you receive your pay this month, put aside one-third of the budget in a savings account. Repeat this process on your October and November paydays.

By adhering to this plan, you can significantly alleviate the financial pressure of December.

Stock up on Christmas food now

Food prices often rise as Christmas approaches, particularly for festive items. While it may seem premature to stock up on Christmas food, purchasing now can save you money later.

Fresh produce won't last, but non-perishable items like biscuits, nuts, chocolates and alcohol can be purchased in advance so if you spot good deals, grab them now. Remember to check the 'reduced to clear' shelves every time you shop, too.

Many items, including meat joints and fish, can be frozen which could significantly help to reduce the cost of your December food shopping. By stocking up on what you can now, you'll save money, spread the cost and avoid the hectic Christmas shopping rush.

Sign up for cashback schemes

Imagine being paid to do your Christmas shopping. Sounds appealing, doesn't it?

Well, with cashback websites and apps, you can earn money back on every festive gift you purchase.

These schemes operate by tracking your online purchases and rewarding you with a percentage of your spending as cashback. For instance, if you buy something for £100 and the provider offers 5% cashback, you'll pocket £5 credit.

Once you've accumulated enough, you can withdraw it as cash, gift cards or vouchers. It's a win-win situation.

Save money on your Christmas shopping and keep the savings rolling into the New Year and beyond. The two largest platforms in the UK are Topcashback and Quidco.

Use discount codes

Discount codes can be a great way to make your Christmas shopping budget go further, but they're often forgotten about. A quick online search can usually unearth a working discount or promo code for most online retailers, potentially saving you between 5-20% off your purchase, sometimes even more.

To get the most out of discount codes, consider installing a browser extension like Honey or Pouch. These tools automatically apply any available discount codes at checkout.

If you prefer shopping on your mobile, there are plenty of apps that offer similar services.

Don't hold out for Black Friday

Many people wait for Black Friday in the hope of bagging a bargain, but data suggests it's not always the cheapest time to do your Christmas shopping. In fact, a study by Which? found that only one in 50 Black Friday deals were actually at their cheapest on the day itself.

The study also revealed that just 2% of deals weren't available at the same price or cheaper within six months either side of Black Friday. So, don't put off your Christmas shopping.

If you see a good deal before Black Friday or Cyber Monday, snap it up while you can. On the day, use a price comparison tool like PriceRunner to check if the sale price is really as good as it seems.

Think about buying pre-loved gifts

Oxfam has revealed that six out of 10 people believe it's more acceptable than ever to give second-hand gifts, due to the rising cost of living and environmental concerns. With Christmas three months away, there's plenty of time to hunt for unique second-hand gifts in your local charity shop or on eBay, Vinted and Facebook Marketplace.

Second-hand gifts, from vintage jewellery and rare records to unique homeware and other one-of-a-kind finds, offer a more thoughtful and sustainable approach to Christmas shopping. They not only save you money but also contribute to saving the planet.

Set expectations with friends and family

If your budget doesn't stretch to extravagant gifts this Christmas, it's perfectly fine to scale things back. There's no need to feel guilty about setting boundaries and expectations.

Let your loved ones know early on that you're working with a tighter budget. Suggesting a specific spending limit can help everyone adjust their expectations.

For larger groups, a Secret Santa could simplify things and make it more affordable. Ultimately, don't feel pressured to spend beyond your means.

Only borrow wisely

If you find yourself needing to borrow money for Christmas, always consider it as a last resort. First, think about cutting costs or finding additional income before turning to debt.

However, if you're set on borrowing money for Christmas 2024, do it wisely. Be cautious of high-interest payday loans or other predatory lenders who ramp up their marketing strategies in the run-up to Christmas.

Instead, think about a 0% credit card, which lets you borrow without interest for a fixed period. Make sure you can pay off the balance before the interest-free period ends.

Buy now, pay later services could be a feasible option if you just need to spread the cost of a few larger purchases. However, it's vital to use them responsibly, ensuring you can afford the repayments and meet the deadlines set.