How to enjoy the holidays without breaking the bank.
The festive season is almost upon us, and with it comes the joy of giving, sharing, and celebrating. But it also comes with a lot of pressure to spend more than you can afford, which can lead to stress, anxiety, and potentially, even debt. So how can you enjoy the holidays without breaking the bank?
Gifting
Before you hit the shops and break your bank, make a spending plan and stick to it. Decide how much you can afford to spend on gifts and who you want to buy for. Then, allocate a specific amount for each person. You can use various apps to track your spending and stay within your limits, and always have a ‘check in’ with your bank account to make sure you actually are within your limits!
Next, start your shop early and compare prices. Don’t wait until the last minute to buy your gifts, as you may end up paying more or settling for something you don’t really like. You can use tools like Google Shopping or PriceSpy to compare prices and find the best offers.
Get creative and personal. You don’t have to buy expensive gifts to show your love and appreciation to someone. You can make your own cards, crafts, baked goods, or photo albums, or you can give experiences, such as tickets to a show, a massage, or a cooking class - check out The Money Saving Expert for loads of advice on how to plan ahead to get cheaper tickets to events etc.
Food and Drink
Everyone loves a Christmas feast, but without planning ahead and shopping smart, you could end up in a bit of financial trouble. Firstly, don’t go grocery shopping without a list. Plan what you want to cook and eat for the festive season and buy only what you need, and avoid impulse buying and stocking up on things you won’t use. You can also save money by buying in bulk, using coupons, cashback, or shopping at discount stores. There are also apps like Too Good to Go that you can use to snap up food that’s leftover at the end of the day at restaurants. Also recommend checking out the review from Money Saving Expert on which super market has the cheapest Xmas dinner meal (this comes out around the first week of December).
Finally, instead of buying ready-made, you could try to cook from scratch and use up those leftovers! You can use leftovers to make soups, salads, sandwiches, or casseroles, or you can freeze them for later.
Social Activities
The endless stream of Christmas parties can seriously set us back financially, so set boundaries and prioritise. You don’t have to say yes to every invitation or event that comes your way. Don’t forget that you can use apps like Splitwise or Venmo to split bills and pay your friends easily.
You also don’t have to spend money to have fun - a simple stroll in the centre to see the Christmas lights, or inviting friends to your house and making a home cooked meal, can be just as satisfying. Another great alternative to Christmas parties is to give back and volunteer. Use your time or skills to help others who are less fortunate - like volunteering at a soup kitchen, a shelter, or a hospital.
Stay Realistic
To stay sane, try your best to ignore the noise around Christmas - there’s no point trying to replicate the ‘perfect’ Christmas that you see in movies or social media. Instead, focus on what makes you and your loved ones happy - which is why it’s important to be mindful and present. Don’t let the stress and pressure of the festive season take away from the joy of what it should really be about. Try to appreciate what you have and who you are with, and if you find yourself struggling, try the Clementine app to help you relax and tune out the noise from the world around you, or go for a brisk walk and get out of your head.
It’s a good idea to switch off from socials to avoid last minute temptations, comparing yourself to others and feeling like you’re not enough or not doing enough. But if you want to check a few useful accounts that won’t drain you, we suggest you follow Clare Seal @myfrugalyear for help with budgeting and debt, Rainchq (@rainchq) for down to earth money tips, F*ck Being Humble @fbeinghumble to boost your confidence, Clementine @clementineappuk for honest mindset chats and our @Vestpod Advent calendar for practical money suggestions.
Finally, don’t forget to be kind and compassionate to yourself and others during the festive season. It can be easy to get caught up in the materialism and chaos of it all - but at the end of the day, what matters is that you take a break, centre yourself and enjoy the little things.
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Emilie Bellet is the founder and CEO of Vestpod, author of bestseller You’re Not Broke, You’re Pre-Rich and host of The Wallet podcast. She is a leading personal finance and investing expert and a global champion for female financial empowerment. She spent the first part of her career working in private equity, and is on a mission to help people around the world to improve their financial lives.
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