12 December 2023 , 13:32
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One Brit has shared the simple way he has managed to put away £200 to spend on Christmas gifts this festive season.
Christmas may be the "most wonder time of the year" but it can be a notoriously expensive one too. Many of us budget for the festive season, however one 25-year-old has spent the last year putting away cash little and often to cover his Christmas spending this year.
Max Mann, 25, a digital designer from Manchester, has managed to build a cash pot worth £200 which he will be using for presents for his family and friends this year. Max says the biggest helper on his savings journey this year has been Monzo round-ups. This is when Monzo automatically "rounds up" purchases made on the card to the nearest pound and puts the extra into a savings pot.
Max said: "I’ve set up to round each spend to the nearest pound. So if I spent £9.30, 70p would then go to my savings pot. Pots are one of the main reasons why people have Monzo in the first place since they are so easy to manage and set up.”
Alongside this, Max is also using eBay and Back Market to save this Christmas as he is a big fan of shopping second-hand. He added: “eBay, Back Market, CEX as they are all good and well-known places online but even smaller businesses offer pre-loved or items that have been refurbished or made from recycled materials”.
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Max also advises that it’s important to regularly check different websites to ensure you’re getting the best prices: “You might find the item the same or a similar item for a cheaper price when you are looking around.”
To help Brits save cash this Christmas, the insurance group Reassured has compiled a handful of extra ideas and tips you could take on board. The first may be fairly obvious however not many follow but it is to swap a night out for a night in.
Spokesperson for the insurance group Phil Jeynes explained: "We all know how expensive it is to socialise nowadays, before you know it you’ve spent an arm and a leg on dinner and drinks. Why not have a night in with your friends and challenge everyone to only spend £5 to make it fun. Consider a cheese and wine, board games or a craft night."
Phil also said shoppers should "lean on loyalty" and maximise their savings by staying informed about the available loyalty programs. Shoppers can also review their existing loyalty schemes to see if they have any unclaimed points or rewards. Loyalty programmes are commonplace across retailers nowadays so to save some extra cash this year you should explore the loyalty programs offered by the stores you plan to visit.
Phil added: "This proactive approach can help you unlock extra cash to make your holiday shopping more budget-friendly."
Another tip is to take advantage of the cashback rewards from banks with some offering up to 5%. Monzo offers cashback on a range of different high street brands and retailers such as Asda, Boots, H&M, eBay, Disney+ and National Express.
Monzo offers shoppers cashback of between 2% and 10% although sometimes cashback can be even as high as 35%. Martin Lewis' Money Saving Expert (MSE) noted that one of the "easiest ways" to gain cashback was by swapping your spending card to one which earns a high percentage of cashback. Some banks even offer cashback on monthly bills, which Reassuraed says is an "excellent way" to save on your energy expenses.
Finally, one of the biggest expenses around Christmastime can be food. Alongside timing your supermarket visit to bag the best yellow sticker deals another tip Phil advised shoppers to try and save money this year by splitting costs with family and friends. He explained: "We all know, that buying food items in bulk often leads to significant savings. Why not consider collaborating with your family or friends to embark on a large-scale grocery shopping trip? This way you can take advantage of multipacks and special deals. After completing the shopping, you can simply divide the bill and the groceries among yourselves."