With less than a month to go before Christmas and amid the cost of living crisis, families across the country are looking for ways to save money but still spend restful and enjoyable holidays with their loved ones. MoneySavingExpert founder Martin Lewis has revealed the best hacks just for that.
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Budget, budget, budget
It’s vital to work out exactly how much money you have to spend over Christmas.
Rather than creating a 'lust list' with everything you want in your mind, make a balanced plan and calculate how you can achieve it.
Martin Lewis comments:
We don't want you to get into debt in the new year. See friends and family, talk to people, eat, watch the telly, and have a good time.
The money-saving expert advises to ‘go cold turkey if you can't afford it’. Christmas is just one day, after all.
Reduce energy bills
Households can bring in small changes but still make significant savings on their energy bills this winter.
Just reducing the heating temperature in your home by one degree could save you £115 a year on average, according to British Gas.
Households with a combi boiler are advised to decrease the flow temperature which is usually set higher than needed.
The same can be done with the water temperature in your boiler, which is often also set to higher than necessary. Octopus Energy explains that a temperature of about 55°C should be enough for most.
Book Christmas travel early
If you’re planning to visit family over the holidays, book UK-wide train tickets around 12 weeks prior if you want the best deals. Most train firms have already released pre-Christmas travel and advance tickets.
The same goes for return trips after Christmas – so if you already have dates in mind, secure them before it’s too late.
Save on Christmas decorations
If you buy IKEA’s £25 real Christmas tree, you'll be given a £10 voucher to spend in-store between January 9 and February 12. It means you’d effectively get the tree for £15 if you use the voucher on a £10 item within the spending period.
And for those who don’t mind holding off on decorating until a little closer to Christmas day, some shops will reduce the price of their decorations in the weeks leading up to it, meaning you can decorate for a fraction of the price.
Online shopping hacks
A good way to keep costs down when shopping this Christmas is to scout the web for cheap deals.
PriceSpy.co.uk is good for price comparisons across high-street shops. CamelCamelCamel.com is useful for monitoring Amazon price changes over time. SuperSaverDeliveryTool.com will find you an item with the exact value needed to qualify for free Amazon delivery. LoveSales.com will alert you when prices drop on a particular item.
Cash-back is the king
According to Martin Lewis, using the Chase debit card gives one year of 1% cash-back on almost all spending. This can be used alongside other free cash accounts and only requires an ID check rather than a credit check.
The second way is through the American Express Platinum Cash-back Every Day, which offers 5% cash-back for the first three months up to a maximum of £100. This option works better for big purchases, but to qualify for it, you’ll need to spend at least £3,000 a year. After three months, tiered rates of up to 1% come in.
You can also check out sites like Quidco, Topcashback, and the Airtime Rewards app for cash-back offers.
Sources used:
- Mirror: 'Martin Lewis shares his top Christmas saving tips - including cashback deals'
