Households should make a small change to saving and spending habits and have money back in time for the big day
With winter's arrival, many find their bank balances under pressure due to lofty heating costs, escalating food prices, and the need to buy Christmas gifts. If the thought of financial troubles is casting a shadow over your festive cheer, now's the perfect time to act and avoid starting the new year in debt.
For those who find £30 too steep, try saving £20 weekly for a total of £140, or £10 to achieve a £70 reserve. David Murray, a finance expert from abrdn, notes that "Saving little and often each week will ensure that you have a pot ready come December. Weekly savings could feel more manageable than putting bigger amounts aside when you get paid too."
Families are also advised to have open discussions about their Christmas budgets with loved ones to better understand what they can afford. Murray notes: "Depending on the size of your Christmas party – whether that be friends, family, neighbours, colleagues – the list of people to get gifts for can feel endless.
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