Barclays shares 12 ways to help avoid debt this winter | Personal Finance | Finance

A typical UK household spends an additional £ 700 in December, according to the Bank of England, and with a turbulent economic climate it can be an unaffordable expense for many this year. Barclays experts exclusively shared with Express.co.uk their top tips on saving winter and how to enjoy a budget-friendly holiday season without breaking the bank.

Ms Jones commented: “From used decorations for the Christmas dinner table to an outfit for a Christmas party, you can get great quality items at a fraction of the price – and know you are helping with shopping. more durable at the same time. time. Likewise, if you have something in your attic, consider giving it back.

Unique Christmas gifts

For large families and planned holidays, Christmas presents are one of the most important expenses that must be planned months in advance.

Ms Jones suggested savers look for unique alternatives to traditional Christmas gifts: “For example, why not go with Secret Santa with a set spending limit? This way, you aren’t buying everyone a gift, and having a budget means you’re less likely to overdo it. Likewise, this Christmas is a great time to go for something more lasting – could you do something for a loved one instead of giving them a present. “

Avoid impulse purchases

While some may think it’s the season to shop for a bunch of non-necessities, Ms Jones suggested savers avoid these impulse purchases by engaging in a 24-hour thought process before purchasing an item. .

This can allow savers to really figure out if they want it, need it, and can’t get a better deal or a cheaper item elsewhere.

Set a New Year’s savings challenge

By the time January 1 arrives, most people have their New Years Resolutions organized and are filled with the motivation to achieve them.

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However, very few of them make it past February simply because there is never really a plan or preparation to back them up, just a goal.

Ms Jones recommended that setting up a New Year’s savings challenge could set one for a better financial future not just next year but for all years to come.

In addition, creating a concrete plan in advance can go a long way in ensuring that you stick to your resolution.

She suggested: “Why not use the New Years as a time to do just that, aiming to set aside £ 1 for the first week of the year, £ 2 for the second week and so on. As next winter approaches, you’ll have saved over £ 1000, which could more than cover next year’s festivities.

Millennium Finance Specialist at Barclays, Zainab Kwaw-Swanzy also weighed in on the New Year’s topic, explaining how partygoers can approach the New Year in style without leaving their budgets at home.

Start budgeting now

Ms Kwaw-Swanzy suggested a simple way to cut food costs for any event: “If you’re having a New Years Eve dinner, why not ask your guests to contribute?

Plan transportation in advance

Transport costs can add up in pounds sterling only to add up to a triple digit sum at the end of the month.

“Whether it’s booking a cab in advance and agreeing to the fee, or arranging a carpool for those you’re celebrating with, getting organized will help you stay on budget and avoid costly surprises. Otherwise, it’s always worth asking if anyone in the party is planning to drive. Now is the time to ask, before others grab all the available seats! “

Be open on the budget

In the whirlwind of Christmas cheer, many people who may be better off than their peers forget about financial hardship when planning extravagant New Years celebrations.

Being open about how much you can spend is an easy way to ensure that the costs don’t accidentally get sky-high, and will make the whole thing a lot less stressful.

Ms Kwaw-Swanzy added, “Chances are someone else is worried about the rising costs as well and will thank you for bringing it up. From there, you can agree on the cheapest option to celebrate.

Don’t feel like you have to go too far

The holiday season comes with a lot of pressure from both family, friends and society at large, recognizing that there is no need to maintain the standards that others desire can be the key. key to staying on budget.

“New Years Eve can come with a lot of pressure, and it is well known that many people just prefer a cozy (and inexpensive) night out to a big night out. If this is you, then feel empowered to push back and decline the offer of a big night out – there is nothing worse than feeling regret at a night out, and there will certainly be a lot. more opportunities to party in 2022.