Colm Fitzpatrick
Christmas spending doesn’t require breaking the bank, writes Colm Fitzpatrick
For children, Christmas is a magical day in the Christian calendar where gifts, toys and sweets miraculously appear in large, overstuffed stockings. However, behind the innocent smiles of children overwhelmed by the presents before them, is usually the worry of a stressed parent unsure of their financial future.
Although Christmas is a time where we can reflect on our faith and celebrate the year just passed with family and friends, more often than not, our minds tend to be preoccupied with costs rather than carols during the festive season.
This mentality is understandable given how commercialised the festive season has become – there is immense pressure to fork out on the best gifts for your children and close relatives as well as splurge out on fancy décor and indulgent food.
The amount spent during this period isn’t by any means small. Retail Ireland, for example, estimated that the average Irish household spent around €2,700 on Christmas last year, which requires saving at least €225 a month per annum. At a time in Ireland where rent prices are sky-rocketing and Brexit looms on the horizon, it’s vital to make every penny count.
However, having an enjoyable and luxurious Christmas isn’t a project doomed for failure. By implementing some money-saving tips now, you’ll have some extra dosh to splurge out on the day.
1. Brush up on budgeting
It probably goes without saying that budgets can make all the difference to the success of Christmas festivities – and by saving properly you might be able to buy that special item you know someone wants. If you don’t know how much is in your bank account and aren’t tracking your spending habits, then funds could be bone-dry once January hits. Budgeting isn’t a task just for accountants and professional number-crunchers; there are plenty of online budgeting tools that make the process simple and understandable. Once you have a better idea of how much you can afford to spend, then you can take the right steps to make sure you don’t go over budget.
2. Curb the credit card
Buying Christmas cards should be the least of your worries – the real cards to fret over are the ones that can throw you into deep debt quickly. It can be tempting to overspend and rack up the costs on a credit card at this time of year. Credit cards are essentially loans enabling people to live beyond their means, and if not used wisely, will create immense financial pressure down the line. Only try to buy items with the money that is in your bank account, and if this isn’t an option, look into the possibility of an interest-free loan. Summarised down to a useful adage: don’t spend what you don’t have.
3. Be heat smart
During winter, it can be tempting to turn up the heat full blast without thinking about the costly consequences. But before you make that move, there are plenty of ways to stay warm around the home without incurring expensive bills. Make sure to wear warm clothing if you’re feeling chilly, invest in some high-quality blankets, close up any cracks in your window frames and use draft stoppers on your doors. Even with these implemented however, the cold can still creep in and force you to switch on the heat. It’s worth researching cheaper energy providers online to save some cash – and they’re usually hassle-free.
4. Shop online
It’s always important to support local businesses who don’t sell their products online – like crafts stores or fruit shops. But, if you’re interested in finding the best deals, shopping on the web is your best bet. Instead of walking aimlessly around the high street, you can search multiple websites in a matter of minutes and find exactly what you’re looking for with a low price-tag. Most websites now have discount codes for signing up, cutting even more money of the cost price. Alongside special events like Black Friday, which takes place on November 29 this year, browsing the internet will significantly help you in saving money.
5. Competitions
The internet isn’t just your friend when it comes to online shopping, it’s also filled with an assortment of competitions ranging from hotel nights away to concert tickets. Most people don’t even make an attempt to win a prize because they consider themselves unlucky – however it’s really just a numbers game. Good fortune isn’t required to win if you’re entering as many as you can. With absolutely nothing to lose, it’s worth sitting down the odd afternoon and entering into some. Who knows what you could win?
6.Have a crafty Christmas
All gifts don’t have to break the bank, and while it’s hard to find a cheaper alternative for a new blender or laptop, there are some gifts that can be made rather than bought. If you have knitting in your arsenal, why not make a jumper or cushion? These types of gifts tend to stay in the family heirloom long after other bought items are thrown-out and forgotten. Even creating something as simple as a family collage or photo album can be deeply appreciated, and the effort is minimal. If you’re struggling with what to make, try surfing the web to get inspired!
7. Cherish charity
A decade ago, purchasing items from a charity shop may have been frowned upon and reserved for the ‘lower-class’ – but today, charity shops are all the rave. This is primarily due to the popularity of vintage clothes fashion and a new consciousness around environmentalism. Rather than participating in a throw-away culture, charity shops allow buyers to find used clothing and give it a new lease of life. These high-street troves are filled with both quirky and branded items, meaning that your presents will stand out among the rest. Not only will buying from a charity shop help you to save money, but you’ll also be doing a good deed by supporting an important cause.
8. Secret Santa
Secret Santa – exchanging presents anonymously among extended family and friends – is one of the best ways to slash the costs at Christmas. Instead of buying a gift for lots of people, you only have to purchase one. To carry this out, organise a group chat or meet-up with the social circle you want to do it with. Each person secretly chooses another person in the group, and that selection is who they buy for. The great benefit of Secret Santa is that you can spend your time buying a present specific to your selection, rather than running haphazardly around shops to find items for a whole group of people.
While these tips won’t solve all of the financial conundrums you will face during the Christmas holidays, they will go a long way in helping to cut the costs. If you are feeling too stressed about how to cope over the festive seasons, it’s worth speaking to a financial adviser and also confiding in trusted friends. There’s no shame in asking for help or support in times of trouble or need.
Above all, it’s important to remember that Christmas isn’t about spending the most money or owning the most opulent decorations. It’s about appreciating our lives and giving thanks for all that we have. For Christians, it’s also about the birth of a young boy born in a stable who entered the world for a truly profound reason.