The festive season is a wonderful time of year: twinkling lights, cosy gatherings, indulgent food, and gift-giving galore. But with all the celebrations comes a familiar challenge: how do you enjoy the magic of the season without overspending?
The good news is you don’t have to choose between splurging and saving. With a little planning and some savvy strategies, you can treat yourself and others while still keeping your finances intact. Here’s how to strike that balance.
The Art of the Festive Splurge
There’s nothing wrong with a festive splurge – after all, the season only comes once a year. A mindful splurge can bring joy, create memories, and support local businesses. The key is being intentional with your spending.
- Prioritise What Matters Most: Think about what genuinely brings you joy. Is it hosting a big Christmas dinner? Buying meaningful gifts? Travelling to see family? Allocate your budget towards these priorities and trim the rest.
- Set a “Festive Indulgence” Budget: Instead of trying to avoid all unnecessary spending, set aside a realistic amount specifically for treats or special purchases. This way, you can enjoy guilt-free indulgence without derailing your finances.
- Choose Quality Over Quantity: A few well-chosen gifts or experiences often mean more than a mountain of forgettable buys. Invest where it counts, whether that’s a luxurious skincare set, high-quality decor, or a memorable day out.
Keeping your Splurge on Track
Saving during the festive season doesn’t mean sacrificing the fun, it simply means being clever, creative, and prepared. Try weaving these tips into your festive planning to keep spending from snowballing.
When it comes to shopping:
- Start Shopping Early: Pre-Christmas sales can offer brilliant savings. Spreading purchases across several weeks also softens the blow on your bank account.
- Set a Realistic Budget (and Track It!): Use a budgeting app or a simple spreadsheet to track spending on gifts, food, travel, and decorations. Knowing the numbers helps you stay in control throughout the season.
- Use Cashback and Loyalty Schemes: Apps like TopCashback or Quidco, plus supermarket loyalty programmes like Tesco Clubcard or Nectar, can help you save more than you might expect throughout December.
When it comes to gifting:
- Embrace DIY where you can: Homemade biscuits, personalised ornaments, framed photos, or DIY hampers can be thoughtful, affordable, and fun projects.
- Avoid Last-Minute Buying: Impulse purchases tend to be the most expensive ones. Plan ahead where possible – especially for gifts and travel.
- Ask Before Buying Big Gifts: Thinking of buying something pricey? A quick check-in with a loved one can ensure your gift is wanted by its recipient and prevents waste (and unnecessary spending!).
When it comes to looking the part:
- Re-wear and Re-style Your Festive Outfits: The pressure to buy a new outfit for every party is real but not essential. Revisit your own wardrobe, borrow from friends, or explore pre-loved options to stay stylish without overspending.
- Decorate Smartly: Reuse decorations, shop end-of-season sales for next year, or get crafty with natural materials like pinecones, branches, and foliage.
Finding the Festive Balance
Ultimately, the festive season should feel joyful, not stressful. Striking the balance between splurging and saving means you can enjoy the celebrations while protecting your financial wellbeing.
Be mindful, plan ahead, and focus on what means the most to you. With a little thought and by tracking your spending, you can create a season that’s rich in meaning, without leaving you with a financial hangover in January.
Want to dive deeper into building a healthy festive money mindset? Check out our latest article: https://moneyready.org/update/healthy-festive-money-mindset/