If you want to be ready ChristmasAccording to a money expert, the best time to start planning is now.
Speaking on Lorraine, Claer Barrett, consumer editor of the Financial Times, revealed why – with 103 days to go until the holiday – it’s good to get things sorted out now.
“Like everything in life, you can save if you plan ahead,” she told the program. ‘We are all pressured in different ways.
‘We may not openly admit it in conversation, but I think the most important thing is that we are honest about what we can afford this Christmas and that we agree the rules for Christmas with friends and family.’
She explained in advance her top tips for making the most of Christmas preparations, including frank and open conversations with loved ones and smart supermarket tips.
Speaking on Lorraine, Financial Times consumer editor Claer Barrett (pictured) revealed why – with 103 days to go until the holiday – it’s good to get your act together now
1. HAVE THE CONVERSATION SOONER RATHER THAN LATER
Claer explained that drawing up plans for large and small expenses before the holidays is key to knowing where to spend money and where to open your wallet.
“Where are we going to go, whether we’re going to get presents for everyone, concentrate the money on the kids … and set those rules early,” she said.
“Because this is that time of year, everyone starts saying, ‘Where are we going?’
‘So make finances part of that conversation.’
She added that you might be surprised at how comfortable you will be talking about where you can cut unnecessary expenses.
“Your friends and family members are going through a hard time too and they will be relieved that you brought it up,” Claer explained.
If you want to be ready for Christmas, the best time to start planning is now, a money expert has revealed
2. START SAVING NOW – A little goes a long way
Claer said that with 14 weeks to go, there is plenty of time to make small but impactful savings.
“Think of it in terms of £10 a week,” she explained. ‘If one person did that until Christmas they would have £140, but if you and your partner pledged to save just £10 a week you would have almost £300, so that’s more than half the cost.’
She added that you can even put that in a separate savings account so you can earn interest on it.
Meanwhile, she also stressed the importance of thinking about the value of your money when budgeting for the Christmas spread.
“The average British household spent around £600 at Christmas last year,” she said.
‘Now inflation is close to 10 percent for most of this year, and higher for food, so it’s clear that this year will be a bigger expense for many people – or you spend the same amount and get less for your money .
Therefore, when drawing up your plan, think about ‘what areas you might be able to trim’.
3. GET YOUR STAMPS EARLY
If you’re a fan of handwritten cards, you’re better off buying a stack of stamps, Claer advised, as first-class copies are about to become more expensive.
“The price of first class stamps will rise again on October 2 by 14 per cent, £1.25,” she said.
“If you buy them before that date you can still use them…second class stamps remain the same, 75 cents.”
4. DON’T BE AFRAID TO REGISTER
Claer revealed that as she prepares to gift loved ones for the holidays, she has a little “Christmas box” that she can put odd little items in.
But she also said there’s no shame in regifting it if the item is still in its packaging and you think it’s the perfect choice.
“I think it’s totally fine,” she added. “I’ll do it, don’t be ashamed.”