Brits urged to save now ahead of expensive Christmas season
Britons are being urged to start making savings now ahead of the costly Christmas season.
The savings experts at Tiger.co.uk are sharing easy ways for budget-conscious shoppers to cut back and save cash ahead of the festivities.
In 2023, the total value of seasonal sales in the UK was estimated to be £85 billion, the highest across Europe, with Britons spending approximately £700 – £973 each, depending on where they lived in the UK.
And although the cost of living may be beginning to stabilise, many shoppers will be looking for ways to save and make cash ahead of the costly festive season.
Being ruthless with streaming subscriptions could easily claw back vital cash, as could exchanging leftover holiday currency for sterling.
People are also being told to check they aren’t overpaying for unnecessary extras in their insurance policies.
Ian Wilson, savings expert and Managing Director at Tiger.co.uk said: “As a third of us, 32%, admit to starting our Christmas shopping early, between August and October, now is the time to be on the hunt for deals and save where we can to help avoid the stress of last-minute expenses.
“Christmas can be the most expensive time of year, but by taking a few simple steps, you could save a good amount of cash each month. Shopping around for deals, buying early and taking advantage of online discounts, helps ensure you get the best value for money and trim off excess expenses.
“It’s also worth reviewing your insurance policies — opting for multi-cover plans could reduce costs significantly such as multi-pet or multi-car cover. And for those who’ve built up loyalty points throughout the year, now is the perfect time to make use of them for gifts, groceries and exclusive access to sale events.
“By starting to save now and being proactive, Britons can enjoy a festive season without the financial hangover in January.”
Tiger Tips on how to save for Christmas:
Trim streaming subscriptions
Take a look at your current subscriptions and see if there are any you’re not using or could cancel – there may be free trials elsewhere you can take advantage of. If you subscribe to a number of streaming services, question whether you’re using them all fully and whether some can be cancelled for a few months.
Use second hand selling sites
If you have clothes you don’t wear or kids toys that would make a brilliant Christmas gift for someone else, think about putting them on selling sites to make a few pounds ahead of Christmas.
Don’t forget holiday currency
Check for any leftover currency that you could change back to sterling. A recent survey by Tiger.co.uk revealed over half of holidaymakers (56%) come back from trips with unspent currency – with only 12% changing it back. Over a third come back with over £50 worth of international notes and coins.
Check Insurance
Make sure you’re not over-insured and aren’t shelling out for something you’re already covered for. For example, some insurance policies include breakdown cover as standard – so if you pay for breakdown cover separately, cancel and save yourself a significant sum.
Research credit cards
If you have debt in various bank accounts, think about doing some research on debt consolidation – moving all your debt to one easily managed place with less or no interest – to create substantial savings. However, it’s important to speak to a qualified financial advisor before making financial decisions and remember these solutions are often only temporary before interest rates start to climb.
Shop at the right time
£810.25 is estimated to be the UK average car insurance cost – data shows by renewing between days 15 and 24, customers could save 33-45%.
Utilise cashback sites
Do some research around cashback sites. In a nutshell, they offer rewards to incentivise customers to shop through their site. The cashback could be small or much bigger depending on where you purchase from and how often you use it.
