Trying to build up your savings pot and move home in 2022?
Whilst the ‘most wonderful time of the year’ is December it can also be the most expensive time too, and this can leave people feeling worried about breaking the bank at Christmas!
If you’re looking for cheap ways to enjoy the festive period but still have a healthy-looking savings pot, simply use some of our tips below to save in December and bring costs down.
Use a Christmas budget planner
Manage your Christmas spending all in one place with the Microsoft Christmas budget planner. Available to download here, this handy tool will help you track your spend over the festive season and avoid going over your initial budget. To add to this, Microsoft also have a helpful Christmas present list tracker which you can use to avoid spending more than planned this December.
Download a Christmas saver app
There are many Christmas apps designed to help save you money at the busiest time of the year. Free to download, use festive apps such as Christmas Gift List or Manage Christmas to generate gift ideas, set budgets for individual people, plan who and what you’re buying for as well as noting down other useful information to track. Having access to one of these apps will monitor what you have left to spend and stop you from dipping into your house savings pot.
Make the most of finance apps
Whilst those Christmas deals may seem like a bargain you can’t miss out on, use finance apps to avoid dipping into your house savings pot.
We put together 4 of our favourite money saving apps which are designed to help you reach your goals and make things easier for yourself and future. With the help of these apps you’ll be able to set limits, track your spending and build a sizeable savings pot in no time!
Spread Christmas cheer for free
The build-up to Christmas is magical for children and there are many ways this can be done with very little spent! From driving past Christmassy lit streets and leaving clues to show Father Christmas has been, there are many traditions you can create with your children for free.
Take a look at this article for more inspiration.
Sell your unused items
Have a collection of household items you just don’t use anymore? Sell these items and put what you earn towards your Christmas fund/house deposit. Popular websites include eBay, Amazon and Depop, or for a more traditional way try taking part in a car boot sale near you! Using this approach can help boost your income and help you reach your house goals quicker than expected.
Use cashback apps
Keep in mind cashback apps when purchasing presents this Christmas. Earn as you shop with websites such as Quidco and Top Cashback - the money saved from the discount you receive can be put towards your savings pot. Also sign up for loyalty cards at shops such as Tesco’s to gain exclusive rewards and deals.
It wouldn’t be Christmas without enjoying good food and company, but that doesn’t mean you have to spend a fortune on eating out at restaurants to have a good time. Get the same experience and stay on track with your house savings by creating fakeaways – an affordable way to recreate your fast-food favourites in the comfort of your own home.
From sentimental presents to novelty presents, there are a whole range of gifts you can make by hand which will cost almost nothing.
If you have children, perhaps they would like to get involved in a bit of festive cooking and baking. Why not make some edible gifts for the family and deliver some homemade chocolates or cake?
Other ideas include creating a photo scrapbook, personalised mugs, and other goodies perfect for the home or garden. For more inspiration and a whole list of DIY ideas click here.
Prioritise your gift list
It’s well known that Christmas is said to be ‘a time for giving’ but that doesn’t mean you have to buy presents for everyone. To keep costs down we recommend making a note of the people in your life who you really do want to buy presents for, and those who could go without.
For example, close family that you spend Christmas with every year could be added to your list…but do you really need to buy a present for your child’s teacher or a work colleague who may not have been expecting a present in the first place? Weigh out your options and only buy for a set amount of people.
Combine your online orders
Many websites offer free shopping when spending over a certain amount online. Take a look at your list and see if you can buy multiple gifts from one shop to avoid paying for that additional delivery charge! Alternatively, if you can’t meet the minimum spend to qualify for free delivery then double check to see if you have the option to choose free collection from the store. The money saved on delivery can be put towards your deposit instead!
Cut down on Christmas cards
There’s a few ways you can save money for a deposit quicker when it comes to Christmas cards.
- Joint Christmas Cards - Sending an individual Christmas card from each person in your household can add up quickly. Simply send joint cards from the whole household to save some pounds and put that extra cash into your savings instead!
- Get creative - Not only are homemade cards a fraction of the cost compared to shop brought cards, but they also tend to be much more sentimental. Try creating your own personalised festive cards to make someone’s day this Christmas.
- E-cards - E-cards are a great way to spread Christmas cheer without having to pay the cost of standard delivery. Not only does it save you some spare change, but the recipient is guaranteed to receive their message in time and not get lost in the post box!
Things to remember
Although it is easy to get caught up in spending so much money at this time of year, what really makes Christmas is how and who you spend it with – all of which costs nothing.
Using some of the Christmas budget hacks in this guide will ensure you get to embrace the festive spirit but still build a sizeable savings pot and get moving home in no time!
On that note, we wish you a very Merry Christmas and happy new year (in your new home)!
Other useful links
We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left. It’s an opportunity to buy the home that’s right for you without needing the large deposit or the mortgage that goes with it.
Find out more
You buy a share in your home that’s right for you. That could be from 25% up to 75% initially. You’ll pay a reduced rent to us on the share we own and a monthly service charge.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent.
Typically, you’ll only need a deposit that is 5% of the value of your share, rather than of the total property value, meaning you could get moving sooner than you thought.