60% of people are worried about Christmas finances

A recent survey of people in UK has suggested that this Christmas is going to be the hardest to fund in years. 60% of people are worried about how they are going to pay for things this festive season. Figures have been released by the bank HSBC suggesting this, but also that around 50% of the population are not going to be cutting back on the amount they spend on gifts. The average person is going to spend over £550 on celebrating.

There are only a few weeks until Christmas and this means it is probably too late to start up a regular payment plan or to start building your savings. However, these are not the only ways to get some extra money around Christmas time.

Saving money is a great way to have more to spend at Christmas. Cutting back on non-essential items such as expensive takeaway coffees and store bought lunches will save you several pounds by the time you get to Christmas. You’d be surprised how easily this sort of saving adds up and how quickly you will find you have put away a good amount of money.

Some people are going to have to rely on credit to buy gifts this year and if you have to do this then be very careful about the sort of credit you attain. Using an overdraft can be a good idea but if it’s unauthorised then you have to pay a lot of interest and the bank can demand that you repay it at any moment.

Personal loans are another way to borrow but you won’t get favourable interest rates unless you take out a large sum of money. Even the best rate loan from the Post Office will still mean that if you borrow around £2000 then you will have paid around £150 in interest by the end of the repayment period.

Credit cards can be a very useful tool if you use them properly but if you do not clear your debt on time you could end up having to pay credit card debt for many years to come. There are cards that offer interest-free periods and if you are careful to pay off any money you borrow before this time ends they can be a good way to borrow money at no cost.

If you have a lot of gifts to buy then taking advantage two-for-one offers the great option. Around Christmas time Marks & Spencer and Boots have good offers. It is also worth checking supermarkets for special deals on gift items.

Planning is also essential to saving money and doing this with regard to food is a good way to reduce the amount of money spent. An average household in the UK throws away over £480 of food a year. If you make efforts to reduce this they will spend less on food every week.

Planning meals ahead of time is easy, all you have to do is make a list of what you are going to eat for the week and plan your shopping list around that. You can also make short-term savings by checking to see what you have in storage and eating that first.

Many people have reward cards to numerous stores so if you are feeling a little strapped for cash check out how many points you have on each one and shop at those stores and don’t use any cash into you have exhausted the points. If you need to make some money last-minute try selling some of your possessions that you don’t want any more, there are numerous websites where you can make a listing.

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