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Cutting the cost of Christmas

Cutting the cost of Christmas

According to Money Advice Service research, one in three (30%) of people in the UK feel pressured to spend more than they can afford over Christmas.

Northumberland Money have put together some of their top tips, to help residents of Northumberland be more financially savvy this Christmas to help reduce the risk of over spending.


Festive tip #1

Set a budget 

Setting a budget before the Christmas spending starts is a really good idea, as this will give you a guideline on how much you can spend and it will reduce the risk of any overspending. When setting your budget, make sure you factor in all costs and expenses such as, extra heating costs, presents, food and also any unexpected costs.

The Money Advice Service has put together a simple budgeting tool to help. Click here to create your festive budget.


Festive tip #2
Saving vs Borrowing 

Make some room in your festive budget to save a little extra cash this Christmas. This will help if you occur any unexpected costs such as, boiler breakdown, extra heating costs or a broken oven. By having a little amount saved, this will reduce the risk of you needing to borrow money. Saving with the local credit unions, only requires a minimum of £1. To find out more on savings, please click here.


Festive tip #3
Choose a Responsible Lender 

If you do find yourself needing to borrow money this year, it’s important to check out your options before committing to a personal loan. What’s the APR? How much will I need to pay back? Can I afford the repayments? Is there any hidden costs?

To find out more about APR please click here for an easy to understand video.

Hull Money may be able to introduce you to a cheaper alternative if you require a loan, to find out how one of our loan providers compare to other lenders, please click here.


Festive tip #3
Cut your spending 

There are lots of free/cheap’s ideas to make your families Christmas magical this year, here are some of our favourites-

  • Track Santa 

Did you know you can track Santa for free whilst he is delivering his presents? Click here to find out more.

  • Reindeer Food

Reindeer food is simple and easy to make, RSPCA have created step by step instructions to make some food for Santa’s reindeer, please click here

To find a whole host of other ideas, check out Martin Lewis festive fivers by clicking here.

 


Festive tip #4 Free Christmas Activities in Hull
Come back on Friday 6 December for some free Christmas activities in Hull