Citizens Advice Charnwood
It’s not too early to start planning! Citizens Advice Charnwood suggests some ways of managing the expense of Christmas.
I want to give the kids a good Christmas but I am worried sick about the cost. Is there anything I can do to stop getting into debt?
Work out a budget so you have an idea of what you can afford to spend. Talk it over with family and friends – most people are finding the current cost of living a challenge and you may be able to agree on a way of cutting down on costs.
Use a Budget Planner – the Moneyhelper website has a planner you could use https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner
The Budget planner adds up all your income and outgoings, and then shows you what’s left over. You could use this to show what you can spend on Christmas without putting yourself into the kind of debt that you will not be able to pay back in the new year. Remember to be realistic about what you can afford.
To help keep to your budget you may wish to open a separate saving account for your Christmas money. You can continue paying in small amounts throughout the following year to help cover the cost of Christmas 2026 or consider joining a Christmas club. Most supermarkets offer Christmas saving schemes which run through the year.
Borrowing for Christmas and tips on borrowing money
If you are thinking of borrowing money make sure you get the best credit deal. Shop around and compare credit deals before committing to anything and beware of extra costs.
Check on the repayment amounts to make sure you will be able to afford them.
More information can be found on the Citizens Advice website –
https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/getting-the-best-credit-deal/
https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/top-tips-for-borrowing/
Consider other ways of reducing costs
Consider giving homemade Christmas presents to your friends and the adults in your family this year, for example home cooked biscuits or fudge, or planted bulbs in a pot. For children it can be worth searching charity shops for toys and games in good condition.
Maybe look into emailing Christmas cards to save on postage. It could be worth looking for free websites that let you create your own cards, using family photos and videos.
More ideas for saving money at Christmas can be found on the moneyhelper website – https://www.moneyhelper.org.uk/en/savings/types-of-savings/saving-money-for-christmas
Finally – check on whether you are entitled to help
Lots of people miss out on benefits they’re entitled to – so it’s worth checking. You might be able to get help to afford essentials like bills and food.
You can do a quick benefits check on the turn2us website – https://benefits-calculator.turn2us.org.uk/ or you can speak to one of our Advisers on 01509 649 605
If you’re struggling to pay your energy bills or top up your prepayment meter you might be entitled to, for example, a fuel voucher or a grant from your energy supplier.
For more information and help with this and all aspects of your energy supply, contact our Local Enquiry line on 01509 649605 and ask for an Energy Advice appointment.