Euronews Business shares valuable tips on how to save and plan wisely for Christmas in order to avoid overspending during the holiday season. With rising costs of living and limited disposable income, consumers are facing challenges in budgeting for Christmas festivities. Christie Cook, managing director of retail at Hodge Bank, emphasizes the importance of starting to save early and setting aside money regularly, recommending fixed term ISAs for long-term savings.
Additionally, tracking expenses, setting spending limits, and shopping for gifts throughout the year can help reduce costs and avoid last-minute stress. Vericast’s 2024 Holiday Retail TrendWatch report highlights trends such as prioritizing self-gifting, seeking discounts, and utilizing AI for personalized gifts. Shoppers are also reassessing gifting strategies, opting to exchange gifts with close family and friends to keep costs low.
The average Christmas spend per person in the UK is £767.54, with variations in other European countries. Planning ahead and using wish lists for gifts can help individuals stick to a budget and avoid unnecessary spending. It is important to do thorough research and consider individual circumstances when making financial decisions.
This information serves as a guide and does not constitute financial advice. Readers are encouraged to take precaution and make informed choices. Euronews Business aims to provide expert advice and tips to help readers navigate their financial decisions effectively.
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