Mum’s money saving tip could help families save £250 at Christmas ‘Slash expenses in half’ | Personal Finance | Finance
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With inflation at a 40-year high, many Britons will be scaling back the festivities this year. A young mum from Bristol has shared how her family makes savings at Christmas without feeling like they are missing out.
Secret Santa is a popular option in many UK offices, but money experts recommend it as a way to save money at home too.
MoneySavingExpert founder Martin Lewis first spoke about banning unnecessary Christmas presents over 10 years ago.
He has been urging people to make a pact not to buy unnecessary gifts or at least agree to a Secret Santa with a spending limit of £5 or £10.
Thrifty parents Ricky and Naomi Willis, who blog under the name Skint Dad, also recommend it as a way to save money at Christmas.
READ MORE: Bank ups savings rates as providers compete to offer best deals
Ricky Willis, co-founder of Skint Dad, said: “It’s important to not feel pressured by what Christmas ‘should’ look like and remember that an affordable great Christmas is still possible.
“Before you do anything, you need to determine what you can afford rather than what you’d like to spend.”
The experts at NetVoucherCodes also recommend Secret Santa as a way to cut present costs in half.
Rebecca Bebbington, online consumer expert from NetVoucherCodes.co.uk said: “The holiday season is typically a more expensive period for many families wanting to enjoy all the festivities throughout December.”
She continued: “But this year is more difficult for people during the rising cost-of-living crisis with supermarket food prices rising as well as household bills and expenses.
“It’s a growing trend among friends and in the workplace, but Secret Santa is a helpful way to cut the costs off the budget.
“If the budget is around £10 it can slash the expenses in half, compared to how much it would typically cost to get everyone a small gift.”
In the UK, the average spend on Christmas presents was £548 in 2021 according to Unbiased.co.uk, so slashing that in half could save a family £274.
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