12 Christmas tips

On the first day of Christmas,

Pension Geeks gave to me...

a tip for financial stability…

Okay okay… We know. It needs some work. But saving money is important, and though we don't want to trivialise the topic, we want to take a light-hearted approach to money this Christmas, and hopefully make the prospect of saving - for both the short and long term - less daunting. So whilst we ask our lyricist for another song (who knew Elton John could get through so many drafts?), check out our 12 Christmas tips for a festive season that won’t break the bank.

1. Budget for the entire season

We'll kick things off with a simple one: make a plan. Christmas shouldn’t be defined by a strict structure or meticulous money management – but it is an expensive time of year. Food, presents, energy bills, social plans… everything will really add up if it’s unplanned for. So don’t put a downer on the joy because of a lack of planning.

Work out how much money you're able to spend over the coming weeks, and only commit to the things you can realistically afford.

If you don't know where to start, simple budgeting apps can work Christmas miracles - or alternatively try making a list of everything you need to spend money on, and then estimate individual costs.

2. Give yourself the time to shop around

If you're anything like us, this second tip is one you probably intend doing every year - to varying degrees of success. But maybe you are the kind of person who buys their presents in October. Do you also sit back and revel in the satisfaction of seeing late Christmas shoppers scrambling for gifts on Christmas Eve? No? Just me then. Buying last-minute presents is a stressful and expensive rush.

Planning ahead gives you the opportunity to shop around for the best deals, stagger purchases, and have a larger scope of presents to choose from. The best gifts will be gone by Christmas Eve!

3. Book train tickets in advance.

Planning on travelling this Christmas?

Remember to double-check the COVID-19 guidelines for your area and the area you’re heading to. Government guidelines have changed this Christmas, so ensure you know the do’s and don’ts of travelling and shopping in the Winter. If you're unsure what the current guidelines are, please consult the official advice.

You could make sure to book your tickets early to potentially save a lot of money.

Rail operators generally put tickets on sale 10-12 weeks before the date of travel, and the cheapest tickets vanish quickly. Whilst it’s difficult to make concrete plans to travel at the moment, try not to buy your tickets last minute, as the price can skyrocket in the days before you're meant to leave.

Whilst you're there, it might be worth booking some kind of refund policy: yes, it'll cost some extra money up front, but it could save you hundreds on wasted train fares should you end up not being able to travel.

4. Check out second-hand shops

Charity shops are like Alladin’s Caves, full of brilliant bargains and deals. If you know where - and when - to look, you’ll find many items that are as good as new, or (if you're lucky) even never-opened gifts!

So if you’re concerned about giving pre-owned gifts this Christmas, remember that to savvy savers charity shops are a goldmine: a hoard of possibility. Not only will you be saving money, you’ll be helping those less fortunate this Christmas by contributing your money to charitable causes.

5. Turn buying gifts into a game

Not every game this Christmas will end up with a flipped table and fake money fluttering through the air, sizzling with sour grapes.

Nevertheless, stoke that competitive streak. Challenge your family members and friends to buying a gift for less than £5 (or just a single pound if you really want to create a rivalry).

Best present wins.

You’ll have turned the act of buying a gift into a fun game to bring your family and friends closer together, and you'll all have saved that bit of extra money without losing the meaning of giving presents: Rival- I mean, kindness.

6: Secret Santa

From turning gift-giving into a game into... well - ever been involved in a Secret Santa? Everyone draws a name from a hat and buys a gift for that person. The twist? You have to stick to a budget that you set – whether it’s £5, £10, or £50. Everyone gets a gift, and nobody feels obligated to buy you a gift in return. You’ll be saving other people money too. It’s the budget friendly solution to the classic Christmas conundrum.

7. Use your loyalty cards

How many loyalty cards are in your wallet right now? What about loyalty apps on your phone? Don’t forget to use them this Christmas. Spend those points!

8. Turn the thermostat down 1 degree

Want to save money and help the environment? Then try turning your thermostat down by 1 degree over Christmas. We know what you’re thinking: “What difference will that make?”.

Well, whilst it may not seem like a lot, studies show that turning the thermostat down by 1 degree can save you up to £80 a year!

You’ll also be helping the environment by reducing your carbon footprint. Better yet, if you don’t notice a temperature change, why not push the boat out and turn it down an extra notch!

9. Use the downshift method

The downshift method can help save you hundreds on yearly supermarket food shops. But what is downshifting, we hear you ask?It’s where you simply buy a supermarket’s own product rather than a pricier brand version. We all know they (more or less) taste the same anyway.

Turn Cornflakes into Flaky Corns (you get the idea).

If you do this with your food shopping throughout the year, you can save up to 30% on your food bill. And at Christmas, a time synonymous with overindulging and overspending on food, this method is particularly useful.

10. Get cashback

Whenever you make any purchases, it’s always worth checking whether you could be getting something back in the process. Cashback sites Quidco and Topcashback both offer deals at more than 4,000 retailers - and it's free to sign up. Remember it's a two way street!

11. Cancel any subscriptions.

Netflix, Amazon Prime, Disney+, Spotify, Sky Sports… the list goes on...

and on...

and on.

How many of those services are you subscribed to? How many do you actually use? It’s worth thinking about. You could save hundreds a year by cancelling unused subscriptions. Just think what that extra cash could be used for!

12. If you don’t need it, don’t buy it!

And on the twelfth tip of Christmas, Pension Geeks said to me...

in January, sales aren't free.

Like a moth to a flame, we always get attracted to the best, most enticing deals – even if it’s something we didn’t need to buy before seeing the sale. Live by our mantra: if you don’t need it, don’t buy it!

You’ll save money, you’ll save space at home, and you’ll be free of buyer’s regret in a few weeks’ time.

Thank you for listening to Pension Geeks' 12 tips of Christmas! Hopefully you'll be able to save some money this year, and whilst we wouldn't expect anybody to live by these tips - who knows? They might come in useful in the future.

Merry Christmas and have a happy and safe New Year!