Every year we’re faced with warnings about getting into debt around the festive period. While many of us think we know better, the truth is that it’s easily done between buying gifts for friends and family, the cost of socialising and decking the halls. While relying on credit cards and overdrafts is one way to cover Christmas, cutting back is a much more favourable alternative.
By cutting back on your winter spending, you’ll be able to make things like Christmas more affordable, helping you start the New Year with some good money habits, and a good credit score to match. See below for tips on what you can do to cut back this winter.
Make your grocery shop go further
There are a lot of ways you can cut back on your food spending to help you save money while helping your grocery shop to go further. If you’ve ever watched Eat Well for Less – you’ll know it’s possible. Could you cut your grocery bill by a third? From making cheaper swaps like branded to store brand or batch-cooking foods that you can easily freeze, there are lots of things you can do to reduce your grocery spend and use the money saved towards the rest of your winter spending.
Become an energy saver
Winter is the time when your electricity bills will be at their highest, particularly if you use electric heating systems. Use some energy-saving tips to help you cut back on how much energy you use to bring your bills down. Swapping out your light bulbs for energy-saving ones, turning off appliances at the mains when not in use and being smarter with your heating will all bring your energy bills down, avoiding that costly winter hike.
Reduce your outgoings
When was the last time you sat down and took a good look at your outgoings? If you have a lot of things leaving your account that you’re not really using, such as a credit checker, a gym membership or a magazine subscription, then you need to make some cuts.
As well as cutting some expenses altogether, you should also consider haggling with your providers to get you cheaper deals on your TV and broadband, utilities and more. The same goes for your credit card and loan payments, and you might want to look at cheaper interest rates or different ways to borrow money to help you reduce the interest you’re paying each month. The savings might only be a few pounds each month, but they will soon add up.
Winter can be a tough time for families looking to manage their money better, but by using a combination of money-saving tricks, you can easily reduce your outgoings and help your money to stretch further. Look for ways to enjoy the festive season without going overboard and focus on creating wonderful memories with friends and family instead. That way, you’ll have a Christmas to remember, and will be starting the New Year off without debt hanging over your head.