The holiday season is almost upon us, and every year it seems to start earlier. If you are among those passionate homebuyers who are saving for a deposit, you might be wondering if it’s practically possible to keep saving for your deposit without missing out on the festivities of Christmas.
An average UK family spends almost £800 over Christmas. This expenditure includes food, Christmas presents, decorations, and going out with friends and family. Christmas is the time for celebration, no doubt, and it calls for parties and more spending. A lot of people use a credit card to help them pay for Christmas since they don’t have enough buffer in their monthly budget to spare for this extra expense.
During the struggling economy amidst the pandemic, it’s really hard for anyone, especially home buyers saving for a deposit for their first home, to commit to Christmas expenses. But don’t worry, here are a few useful tips to keep saving for deposits over Christmas by cutting down the extra costs.
Let Your Friends & Family Know
Friends and family are those with whom you trust and can share your ambitions and plans. If you are planning to buy your first home in the following year, let your friends and family know in advance. There is nothing to feel guilty about opting out or following a budget for a bigger achievement.
Make A Budget
Work out precisely what you need to buy including food, decorations, and gifts, create a budget for everything needed, and follow it. You can be caught up with some amazing deals and save big time if you start early enough. Try being savvy yet put enough thought into everything you buy while instilling a budget.
Try Secret Santa
Secret Santa is a tremendous way to do gifts amongst groups and it’s really fun! It won’t just help you save money but your friends too by ending up buying one gift instead of many.
Forgo Gifts For A Shared Future
Saving with an understanding partner can make things even simpler. You can agree to forgo gifts for some quality time and memorable experiences, like a night out. After all, you are saving for your future home you both will be sharing.
Arrange A Potluck Party
Arranging a potluck party is another great idea to save yourself and your friends (if they are too saving for deposit) some good money. Everyone can bring a dish or a drink instead of swapping gifts and focus on spending quality time together, which is essentially the essence of Christmas.
Keep It Homemade
Your crafting and cooking skills can also save you money. You can decorate your home and make some edible festive treats, like cakes, cookies, and truffles at home. Even if you are not an expert, try following tutorials for making candles, bath bombs, and other simple yet beautiful decorative items and gifts.
Everyone wants to catch up with friends and family and doesn’t want to miss out or let anyone down on Christmas. If you just follow all or some of the above-mentioned tips, you can easily manage to enjoy this festive season without disturbing your budget and knocking off your goals. Limit the events you go to, limit your drinks and keep it simple by focusing on spending time with family and friends.
We understand it’s hard to stay strong in the face of festive cheer and easy to be overwhelmed around this time of year but don’t forget if you’re missing out this year, you might be in your own home next Christmas.
Stay Consistent!
