I’m a finance expert – are you guilty of a toxic spending habit could be costing you even more money in the lead-up to Christmas?

Of Christmas around the corner, it has perhaps never been so tempting to splash the cash.

And with the promise of mega-value deals and one-off discounts, it won’t be long before the lure of the seasonal sale has you picking up a shiny new pair of boots, even if you don’t need them.

This toxic shopping habit – spending money to save money – is known as “saving.” Amy Knight, a personal finance expert at NerdWallet UK explains: ‘Spaving’ is spending but thinking you’re saving.

“This could mean making multiple purchases with a 3-for-2 deal when you originally only wanted one of those items, or adding additional items to your cart to meet the free shipping threshold.”

“In general, ‘saving’ can push us to spend more than we want, so it’s important to strike a balance between finding sweet deals and real ways to cut costs and save money.”

Here we round up the most common shopping deals this holiday season, as well as tips to avoid splashes, as revealed by the expert.

1. Buy one, get one free

For many shoppers, these five words are music to the ears, especially during the holidays.

The deal provides the perfect opportunity to pick up a gift for a loved one or colleague without breaking the bank.

If you have genuine reasons to take advantage of the deal, Amy suggests taking the purchase right away.

However, if you don’t need any of the products on offer, the expert advises: ‘Try to postpone these additional purchases for at least a few days.

“If you find yourself still thinking about that item, you can come back to it. If you can wait until the January sale, the price may have dropped.”

2. Free shipping

By now, your inbox is probably littered with tempting “free shipping” emails.

And while you might be happy to buy £50 worth of make-up to qualify for the exciting deal, take a step back and consider whether you’ll actually be saving coins in the long run.

Amy explained: ‘It’s only worth adding extra items to your cart to qualify for free shipping if, firstly, they’re all items you want anyway or secondly, if the item you’re adding is exactly costs the same as the shipping costs. Ideally, you look for both things to be true.

‘Make sure you check there is a range of shipping options to choose from as the standard option may not be the cheapest.

“If you’re willing to wait a few days longer for your order to arrive, you can sometimes significantly reduce shipping costs.”

3. ‘Limited Time Only’ Discounts

Some brands claim they are offering discounts for a ‘limited time’, causing shoppers to rush to the stores to get their hands on the deals – however, such advertisements may simply be a tool to encourage panic buying.

In fact, many of these items are sold months in advance, or even all year long, at the same or lower price.

The expert highly recommends using free price comparison sites like PriceRunner or PriceSpy to check price history before purchasing.

This way you can discover any variations in the price of the product over the past year.

4. Delete your saved payment information

The following may be one of the most challenging guidelines on the list.

With the advent of payment technology, phone users can now store their debit and credit card details, making it easy to pick up an item with just the touch of a button.

And while it’s certainly time-saving, it can burn your wallet in the long run.

“I suggest you remove them,” Amy said. ‘Either now or once you’ve found all your Christmas presents for loved ones.

‘Everyone knows that it is difficult to do Christmas shopping on top of your work and daily responsibilities.

“But time-saving tools like saved payment information can make it too easy to make a purchase without thinking.

“Just removing that small hurdle of manually entering your details can keep you from buying things you don’t really want or need.”

5. Set a budget

While some multibuy offers can provide real cost savings, trying to stick to a budget can be counterproductive.

Setting a budget is perhaps one of the best tools you can use in the fight against budget cuts, and will even save you money in the future.

Amy added: ‘Many online banking apps now offer a feature that allows you to set a budget for yourself, split into categories such as health and beauty, and eating out.

‘If you’re approaching your budget limit, your app will send you a notification to let you know. You can also view your expenses per month.

‘It might be a good idea to look back at your spending last Christmas and see if there are any categories where you feel like you spent more than you intended.’

Budgeting apps not only take the stress out of monitoring your spending habits, but also help cultivate good savings habits that will serve you in the long run.