10 money saving tips for the Christmas holidays

Christmas is usually a special time of year, but an increasingly expensive one too, that we all need to think about and prepare for. To help you avoid a festive financial hangover, we have gathered 10 Christmas saving tips below. 

1. Set a spending plan

Having a spending plan is the best way to check that you don't get hit with huge credit card bills and end up borrowing money to get through January.

Decide how much you're going to spend on each person that you're buying a present for. Similarly, work out how much cash you're going to allocate for food, travel and decorations. Be realistic, but if you overspend on one thing then accept that you're going to have to cut something else.

Luckily, we've done the hard work for you with our ready-to-go Christmas Budget Planner.

2. If you're relying on credit, consider a 0% credit card

This introductory offer is available with many cards, whether you're buying new items or transferring the balance from another credit card. In effect you can borrow in the short-term and pay no interest. But remember to check when the 0% period ends because you'll be charged the normal rate as soon as this is over.

As always you should aim to repay the full amount that you've spent on it before the date when interest charges will apply - and to ensure that you don't end up racking up debt.

3. Make it yourself

Not only does it show real thought and care but, let's face it, most of us don't really need much more stuff. Gifts that give pleasure but don't end up filling up the closet are always popular – and they don't cost much to make.

Get creative with inexpensive but attractive wrapping paper and decorations. Pinterest is good for inspiration.

4. Hold your nerve and shop last minute

These days many retailers have already started their post-Christmas sales before the day itself. OK, there's a bit of a risk involved in leaving it until the last minute but the upside is that you can find some great bargains.

Keep an eye out for when sales in the shops and online are due to begin. If you're buying online make sure that gifts can be delivered before the holidays begin. Collecting from a store rather than having it sent to your home when you might be out is also sensible.

5. Start collecting coupons and vouchers now

Stores offer coupons for all kinds of products. Keep an eye out and get your collection going now. Even if a coupon isn't right for the kind of thing that you want to buy, you can always swap it with neighbours, friends, family and co-workers.

6. Get your basics from a budget chain

You might want to shop around to find the best turkey and to get really good quality vegetables and chocolates but for staples such as tinned goods and cleaning products opt for a budget chain.

7. Clear out your stuff beforehand

Before you buy, try selling. The run up to the holidays is a great time to look around and see what you can sell on eBay and other sites so that you've got the cash and the space for this year's purchases. It's also the time when many more people are looking to buy online.

8. Shop through cashback sites

When you buy something through topcashback.co.uk, befrugal.com among others you'll get a cash refund. Retailers pay these sites a commission for your purchase and the sites then pass on a share of that commission to you.

9. Declare a present truce

Does every single one of your friends and family members really want a present from you? Choose a few and suggest that, "thanks very much for the thought", but they don't have to get you anything. In return, you won't clutter up their home with something they really don't need. Just make sure that you all stick to the agreement!

10. Save your stuff for next year

Wrapping paper, decorations, table trimmings can all go into a box ready for next year. You'll save money – and the planet will thank you.