Specialist bank Hodge has revealed over half of Brits will be making cuts on spending this Christmas due to the rising costs.
The survey, taken by more than 2,000 respondents, revealed that last year, over a third of Brits spent over £500 in total on Christmas, including food, presents and social activities.
The same survey also revealed that 56% of Brits have to save in advance for Christmas.
Christie Cook, managing director of retail, at Hodge Bank, reveals her top three biggest saving tips ready for the festive period:
- Dedicated Shopping Lists
“Our annual survey this year revealed that 63% of Brits swear by making dedicated food shopping lists so that they don’t go off track.
“By either doing an online food order, or creating a strict list before you head out on your shop, you’re stopping yourself from getting sucked into the tactical Christmas offers placed around the store. Plus, you won’t be overspending on food and drink that you won’t need or use.”
- Start Early
“There are some shops that start their extended policy from around now. This means products bought now may be eligible for a refund until after the Christmas period.
“This will allow you to start your clothes shopping for friends and family sooner than December, and still be allowed to return them or exchange them in January if they don’t fit, or aren’t wanted.
“This will allow you to take advantage of November’s payday, spreading the cost over the next two months.”
- Black Friday – Is It Worth It?
“Lots of people hold out for their purchases until Black Friday, but you need to know whether the prices you’re getting on Black Friday are really worth it.
“Make a note of the products you need or want prior to this date, and when Black Friday comes, make a purchase if it’s cheaper than the previous lower-price you’ve found.
“Just because it’s Black Friday doesn’t make everything instantly cheaper, so it’s definitely worth hunting around beforehand.”
For more on Hodge Bank’s money saving survey, visit the blog page: https://hodgebank.co.uk/articles/saving-money-for-christmas/
