Smart spending over Christmas

Smart spending over Christmas

Yes, it’s that time of year again…the great excitement and craziness of Christmas. Lists upon lists of things to do, presents to buy, Christmas cards to write, turkeys to order, nights out to plan for. There’s so much to think about…it’s just one long round of planning, buying, wrapping, cooking, eating, drinking, and of course spending!

Now, we certainly don’t want to take the fun out of the festive period. It’s the most wonderful time of the year and we should all be able to enjoy the festivities. But, there are ways to be smart about your spending so you can enjoy the festivities with a clear mind and avoid any strife in January too.

According to the annual Christmas report conducted by Travelodge, which surveyed the spending of 3,000 people, we are all feeling a bit more generous than last year with our spending is set to reach £16.5bn over the festive period. For many retailers the three months leading up to Christmas can account for more than half their annual sales.

retail spending

On average, households expect to spend £614.96 on Christmas this year, £132.59 more than last year. Consumer confidence is higher, with shoppers feeling better off and more able to spend on discretionary purchases. But that doesn’t change the fact that Christmas is not cheap – and the smarter you can be about your Christmas spending, the better!

Ideally, you will have planned and saved throughout the year for it. You may even have bought presents in the January sales if you were really organised! But more than likely, most of you are in the midst of your planning and spending trips at the moment.

We don’t want to tell you how to spend your money, that’s nobody’s business but your own… but there are ways you can be smart about your spending, while still enjoying every moment of the festivities.

5 top tips for Christmas shopping

1. Get yourself organised – Write lists, plan where possible, do your research on larger items, see where you can get the best price – internet shopping comes into its own at this time of year. Online shopping accounted for nearly a quarter of Christmas spending last year.

2. Don’t impulse buy – go shopping with a purpose. Plan for the things you need to buy and try not to get carried away! Easier said than done – we know!

3. Set yourself a budget – and try not to exceed it. You’ll feel so much better if you stick to your budget, especially come January.

4. Shop smart – there are many discount food stores out there and 60% of us this year will shop for our festive food in these stores. Accordingly to the latest industry figures from Nielson, Aldi and Lidl now account for 11.1% of the market.

5. Don’t get yourself into debt – only spend what you can afford. It’s an obvious but important one. Are you spending more than you planned? Will January be manageable? Still paying for Christmas come summer next year is not a good outcome!

 

Whatever you do have a fabulous festive season. Remember that being smart with your money and spending wisely can mean less stress and a happier Christmas, and 2016 too!

https://www.travelodge.co.uk/press-centre/press-releases/UK-economy-set-Merry-Christmas

 

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Any news and/or views expressed within this article are intended as general information only and should not be viewed as a form of personal recommendation. This article is not directed to, or intended for distribution or use in, any jurisdiction where such distribution would be prohibited. To the extent permitted by law, Wealth Horizon accepts no duty of care or liability for loss occasioned to any person acting or refraining from acting as a result of any material contained within this article. Where past performance is shown, this should not be taken as a guide to future returns. Investment in the stock market is not a suitable place for short term money. The value of investments and associated income may go down as well as up and you may not get back the full amount invested.

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