Mon. Oct 7th, 2024

Make sure it’s only Santa ‘in the red’ this Christmas

The festive season has well and truly arrived. The Christmas ads are on TV, and sales are in full swing. At this time of year the average household spends around £800 on Christmas, covering the traditional must-haves and trimmings. This can easily push consumers to wake up with a mammoth personal finance hangover on January 1st.

In partnership with WonderBill – a household bill management app – Sarah Willingham shares her top tips on how to avoid getting caught in the red this festive season, and how to start 2019 in good personal finance health.

·        Frugal festive fun – It’s easy to get caught up in the festivities, and of course you should enjoy the celebrations but thinking savvy can reduce that New Year finance hangover. For that Christmas party outfit, pick an item you could wear several times in the next year, so it doesn’t just go to the back of your wardrobe. Thinking about festive food? Well this is the time for deals. Whether that’s money off vouchers from supermarket loyalty cards, or taking advantage of bigger order offers online – try and work out what food you need in advance and stick to it.  And remember your freezer is your best friend to avoid wastage – you can even freeze milk!

·        Bigger and better – It’s inevitable, the dishwasher might need replacing, the fridge goes on the blink or your car breaks down at the worst time. We’ve all been there. Taking time now to put together a contingency plan will pay dividends in those situations. So if you know you may need to upgrade your car in the next year, or you have a holiday that needs to be paid off, then put it in your 2019 budget now.

·        Plan,or plan to fail – It sounds SO boring and it’s hard to do, but some kind of budget on a monthly basis can really help to understand what you can and can’t spend outside of the essentials. The Universal Credit changes coming into play in 2019 are going to be tough for some families, plus there’s the general fluctuations of household bills throughout the year – winter always costs that little bit more due to heating bills. Assuming you will be spending the same each month can be a financial recipe for disaster. Look back at your spending for this year, then calculate what you might spend each month in 2019 and budget accordingly.

·        Get subscription savvy – We live in a subscription-based world with an abundance of providers to pick from. Often, retailers will offer affiliate deals alongside subscriptions as they are keen to keep us hooked to their services. Make sure you are signed-up for emails to ensure you receive all the affiliate deals and take advantage; sometimes it’s possible to consolidate two or three services through one provider, which saves money.

·        Switchit up– This is where the quick wins are!  ALWAYS check your household bills a tthe start of the year and see where you can save money by switching.  This can be significant.  As the majority of household bills are taken via direct debit, it’s easy to forget what the actual usage is, and whether you are maximising your subscription, contract and allowance. Utilising apps that help you organise this, by showing usage each month and offering switch deals base don your usage, is certainly the easier route to take as it significantlyr educes the life admin!

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By Penny McCarthy

Penny McCarthy is a seasoned entrepreneur and co-founder of Parents News UK, a pioneering publication launched in 1993 to serve the needs of busy parents in Southwest London. Alongside her husband, Fergus McCarthy, Penny played a crucial role in the rapid expansion of the printed edition, which grew from a local startup to a widely circulated monthly publication with a reach of 192,000 copies across Kent, South London, and beyond. Under Penny’s leadership, Parents News quickly became a trusted resource for families, providing valuable information on education, entertainment, sports, and family-friendly events. Her vision helped the publication extend its influence with franchises in Northern Ireland and Cornwall, catering to a growing demand for accessible, family-oriented content. In 1997, recognising the importance of digital media, Penny spearheaded the launch of Parents News UK Online. The website initially mirrored the content of the printed editions and has since evolved into a comprehensive online resource for parents, achieving significant popularity with up to 700 daily hits. In 2017, the publication transitioned fully to an online platform, continuing to inform and engage families across the UK. Today, Penny remains deeply involved in the ongoing success of Parents News UK, focusing on innovative advertising opportunities and future growth plans. Her dedication to supporting families through accessible and practical content has made Parents News a cherished name in households across the country.

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