We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
Christmas plans are, unfortunately, likely up in the air for many at the moment as Boris Johnson and the wider government have a rule of six limitation in place and income is still being impacted by coronavirus. As the weather gets progressively colder and the nights get darker, some families may feel it’s too late to make tangible changes to their situation but new advice has emerged which could raise yuletide spirits.
Topcashback.co.uk, the company dedicated to saving consumers money when shopping with online retailers, has provided advice which if heeded, could save people hundreds of pounds between now and the big day.
As a spokesperson for the company detailed: “Starting your winter savings early can be tricky, especially when it seems like you have a constant flow of outgoings.
“However, by budgeting, being mindful, assessing you spending and making small changes, consumers can save themselves hundreds.”
The first piece of guidance provided concerns simply taking a step back and evaluating where one stands.
Create a budget
The chaos associated with spending in the winter months can cloud a person’s thoughts but that’s exactly the reason people should take a step back from their finances, as the TopCashback explained: “Winter can seem like an influx of reasons to spend, from Black Friday, Christmas, and Boxing Day sales– it is easy to get lost in your spending.
“It’s important to take a look at what you can afford to spend on, using budget planners and the 80-20 budgeting method can simplify your outgoings and prevent unnecessary spending.”
Once this has been done, consumers can begin to make tangible changes to their spending habits:
Stock up on loyalty points
A natural instinct for people may be to take advantage of any perks they receive as soon as they come through but having patience on this may pay dividends in the long term: “Rather than spending your loyalty points regularly, try to save up on points every time you spend so you can make the most of it in the winter months.
“Even a month’s worth of supermarket runs can be enough for you to save extra on your festive food shop.”
On the topic of shopping, many people have likely treated themselves to certain items they wouldn’t buy in normal times given the circumstances.
This is understandable and justifiable given the limitations that were suddenly placed on daily living and in some cases, savers likely found themselves with spare cash as their travel bills reduced.
Cash hoarding has ‘ballooned’ during the pandemic – what can be done? [EXPERT]
Martin Lewis provides warning on digital banking firms [WARNING]
Rishi Sunak reveals new coronavirus support plans – full details [INSIGHT]
However, impulse can quickly overtake logic in these situations and some people may find themselves with regrettable purchases but fortunately, this can also create opportunity for some creative gift giving:
Regift or sell your regrettable lockdown purchases
As TopCashback continued: “Whether it was sea monkeys, a new bike or a 1000-piece jigsaw that’s still in its box – why not start your Christmas shopping by regifting your random, regrettable or un-returnable lockdown purchases?
“Regifting your lockdown purchases will cost nothing, saving you loads, but you could also opt to resell your regrettable buys in exchange for cash to spend at Christmas.”
Following on from this creativity, savers can also utilise some classic spending saving tips:
Tactical spending and finding the best deals
A modern complaint for consumers is there’s so much choice now that it can be hard to know where to start but fortunately, advice on this has also been provided: “When it comes to buying gifts in the lead up for Christmas, try to grab most of them in the Black Friday sales.
“The bargains can be amazing and save you a fortune once you add it all together.
“Save yourself cash by searching for the best deals before punching in your card details. One of the easiest ways to do this is to install a browser extension, TopCashback has just launched its browser extension so you will get notified when you enter a site of how much cashback you’ll receive.”
Another modern element of life involves how money is spent on various subscription services, with many people likely unaware of how many they even have or how much they’re spending on them.
In concluding their advice, TopCashback urged families to cut ties with some of these companies where they can:
Assess your subscriptions
“A recent survey conducted by TopCashback found that consumers are spending over £55 a month on subscriptions, so we suggest you assess which ones you love and ditch the ones you aren’t using in preparation for the winter months.”
Source: Read Full Article