With budgets continuing to be squeezed due to the cost of living crisis, here are some tips to help you save money over Christmas. Some of these ideas may need to be saved until next year, but there is still time to put some into action now.

Set a budget and stick to it

Set a budget early to stop you from overspending. Start by working out how much you can afford to spend on gifts and food and stick to it.

Prioritise who to buy for

Write a list of everyone you usually buy gifts for, then circle the names of people you must buy presents for. This might be your immediate family rather than friends and other relatives. Speak to those with whom you usually exchange gifts and agree on a spending limit. Everyone has been affected by the cost of living crisis, so even if they haven't suggested it first, they will likely be on board with your idea.

Agree to do a Secret Santa

A Secret Santa is a great way to do Christmas on a budget. This way everyone buys one gift rather than multiple presents. Make sure everyone agrees to a spending limit to keep things fair.

Cash in loyalty points

If you have been using loyalty cards when shopping this year, you may have a few extra points available to put towards your Christmas shopping.

Use voucher codes and coupons

When shopping online, it's worth tracking down a voucher code or coupon to reduce costs. For example, websites like MyVoucherCodes supply some fantastic discounts.

Use up old gift cards

Some gift cards have a limited life span of one to two years. If you still have some lying about your home, dig them out and use them to pay for your festive shopping.

Buy a cheaper brand when it comes to food

When it comes to food, try a cheaper own brand to see if you can save on your shopping costs. In most cases, you won't be able to taste the difference!

Think 'little and often' when it comes to spending and saving

Paying for Christmas out of one month's income can leave you strapped for cash. Buy presents and supplies early in 2024 and store them in a box, drawer, or cupboard. This can help to split costs over the year.