From setting budgets to second-hand spending, there are ways you could save money over the festive season to avoid overspending and stay in control. We asked Vanquis colleague Afsana to share her top saving tips for getting the most out of your money and more out of Christmas. Keep reading to find out what she said.
1. Set a budget
Did you know, according to Snoop, people spend over 32% more on gifts in the run up to Christmas, and 18% more on food in December? Now could be a good time to set a budget so you can monitor what you buy and avoid 'spaving' in the process. Mail Online sheds light on this bad shopping habit, which has people thinking they’re saving when they’re actually spending. For example, buying lots of items on a 3 for 2 deal when really you only need the one item, or adding more items to your basket to meet the threshold for free shipping. To help you stay on track, you can set up a budget in the Snoop app, or set an automatic one based on your spending habits.
2. Credit vs debit: consider where you’re spending the most
With Christmas being one of the busiest and most expensive times of year, it’s no surprise that people can often rely more on credit. According to Snoop, people spend about 39% more on their credit cards in the run up to Christmas, compared to 8% more from their current account. To help you stay on top of things, you can use Snoop’s money management tool to set up prompts and track your spending throughout the season.
3. Wait before you buy
Christmas brings with it lots of bargains, and it’s easy to get swept away. Consider taking some time between finding something and buying it to make sure you’re not impulse buying. You can use our calculator to find out exactly how long to wait for different items and find out more about avoiding buyer’s regret.
4. Get creative with gifting
There are lots of ways you can limit spending on presents. Aside from setting a budget, you could try doing a Secret Santa with loved ones or buying second-hand. That doesn’t mean second best – an Oxfam-commissioned study shows that pre-loved gifting is on the up, with 33% of shoppers planning to give second-hand gifts this Christmas, and exactly a quarter planning to make second-hand gifting a tradition every year. Almost everyone polled was looking to save money, but the survey also found that people like the idea of buying something with a story behind it. And those who love the ‘hunting’ aspect of searching for the perfect gift has also risen, from 19% to 28%.
Why not do the same and check out sites like Vinted, Depop or the Oxfam Gift Shop? You could save on items that are still boxed or have their tags on, and maybe even make a new tradition.
5. Compare fuel prices before you travel
If you’re driving long distance this Christmas, check ahead to find the best deals for fuel. Snoop’s fuel mapper helps you check where you can get the best prices, which could save you up to an average of 20% on the cost of filling your tank with unleaded petrol.
6. Stay on top of your credit card spending
Managing your finances might be the last thing on your mind during the festive season. But to make sure you don’t get caught out:
- pay your credit card on time and consider setting up a Direct Debit if you haven’t already
- pay more than the minimum payment if you can afford to
- use the Vanquis app to track your spending, view your balance and check your payment due date
- stay within your credit limit
- use Snoop’s money management tool to help make sure you’ve got all your other bills covered
How will you save this Christmas? Tell us on Instagram or Facebook (@vanquis) and find out what others are doing too.
Christmas opening hours
Just so you know, our call centres are closed on Christmas Day, Boxing Day and New Year’s Day. On all other days, we’re here to help from 8:30am to 7pm. Find out more about how to contact us.