How do you save for Xmas presents?

[AlwaysHopefull89]

Next year I am thinking of me and DH contributing to a joint savings account and using it for Xmas 2026 gifts!

how does everyone save for Xmas? Is there a saving scheme/ rewards scheme?
has anyone heard of chase?

There are plenty of savings accounts/fixed rate bonds etc that don't let you access your money until the end of the term and you usually get higher interest rates than on easy access accounts. Look at Martin Lewis's moneysavingexpert website for information and the best rates.

I probably spend about £300. OH, daughter, husband, 2 grandchildren and son at £50 each.

As far away as 1980 when I started work, and was on a tight budget, I had various accounts for various things: christmas, utilities, car, emergencies, holidays, decorating/repairs, etc. In those days it was £20 per pot. Nowadays: it's £200 for Xmas, £200 for holidays/breaks, £250 car (includes replacing it every 10 years or so). I also put £50 a month on a Sainsbury's gift card to spend at Christmas or in Jan. DH pays the other bills and for main holidays.

I've never gone so far as Monzo but think it stems from a savings tin I had as a child with sections for: toys, sweets, funfair, etc.

I have a Monzo pot, I pay my council tax over 10 months instead of 10, so in February and March I pay the equivalent amount into my Christmas fund, then also £50 a month in too.

We only have one DS and I save his child benefit money and split it into various accounts/ pots every 4 weeks. 😇

For instance every 4 weekly payment consists of bring divided up automatically as standing orders, such as:
£16 for his Xmas gifts/ days out. 🎅
£16.50 for birthday gifts/ party. 🎁
£50 away for when he's 18. 🥳
£20 odd quid leftover in a pot for any school clothes, shoes, p.e. kit and pajamas etc. 👟

It doesn't work for everyone, but it works for us. 😇

Edited to add, that my hubby has had to rein in his spending, as he would go mad at christmas and birthdays, so now we have a basic 'rule of 4' when buying gifts for eachother, such as:

1. Something you want. 🍫
2. Something you need. 🧼
3. Something to wear. 👕
4. Something to read. 📚

As other posters have said ,I opened up second bank account with monso and I have pots here each pay day every penny goes somewhere eg car insurance 40 a month ,Xmas ,holidays ...all saved by increments .

Park vouchers, and I have a Christmas account with my local credit union that cannot be touched until the end of November

@RosesAndHellebores similar here I had to resort to literal Tins during the credit crisis !
£2 a week or month into various pots!
Didn't touch them for a year so by year two we had a teeny bit of built up money.

If you decide on Park, make your payments on a credit card otherwise you'll lose the lot if the company goes down the pan.

It happened to Park's main competitor "Farepak" about 20 or so years ago and it absolutely devastated 1000's of hard up families.

Personally I would open a bank account and pay a set amount in every month. Take whatever Xmas normally costs you, divide by 10 or 11 and start paying it from January.

My local credit union do a Christmas regular savers account.

I open a regular saver account at the very beginning of November. This year with First Direct at 7%. It’s a one year account where you can’t withdraw the money until it matures. I put £100 a month, started at £50 a few years back.

Then when it matures first week of November next year I take £100 and open next years one and spend the remaining £1100 on Christmas. Works well for me!

if you go and open next years one today you’ll be all set next year! Do it now!

Id also be wary of those companies like Park incase they went bust.

We don’t really have specific Christmas savings or multiple dedicated accounts, savings go into a joint savings account on payday and any joint purchases that need to be made just come out of that.

We just start buying sept/Oct time and buy a bit each month until Dec so don't need to save.
I know some people that do Park.
Years and years ago my cousin used one of theose saving schemes and it went bust and she lost everything and had nothing for her kids Xmas. I wouldn't trust them I'd just save in the bank

Ive always hated the rule of 4 gift for kids but for partners I think it's a really good idea!

I use park Christmas savings and I get a purple card which is basically a love to shop voucher, a smyths voucher and a prepaid Mastercard with about £100 which you do have to pay a fee for. I use park rather than a savings account because I know I’d take money out of the savings account if I can see it there. With a direct debit to a ‘saving club’ I see it as more of a bill that I pay each month. This is the first year I’ve done it and it’s been invaluable, it’s really taken the pressure off.

I know what I need at different points of the year so my bank account balances rises and falls at certain times of the year. I’ve not separated it off because I know not to overspend

I direct debit £100 into a savings account and then use it for Christmas things. Doesn’t cover everything but does cover a large chunk!!

put money aside each month in a savings account. Work out much I spend each year, and divide by twelve.

(not sure why in italics)

I have no idea about Chase or Park,
I tend to shop year-round for gifts so that it's not so much of a financial strain in November/december.
Or if that's not possible, just put away money every month for that purpose.

It’s easier now my children are adults as I just buy things throughout the year.
I normally have Christmas sorted by end of September and save into a separate account for the food and treats

If you think you’d take money from an account then tie it into something like first direct regular saver at 7% or NatWest at 6%. It might be too late to start it now for next year as you’d want it to mature ideally around end of October middle of November. I have both these accounts and money goes directly to both shortly after pay day. When they both mature I send them to my isa.For Xmas I just keep extra in my current account. We don’t overspend and we don’t buy lots of presents so it’s not really a stretch as such. Probably £1 k at most including work meals etc. I’ve never counted it up tbh.
I do live a bargain though and will aim to get the best value for my money.

£100 a month saved into a seperate acct. Its treated as a bill.

We put £x per month into a Monzo pot and use that for all birthday presents, Xmas and any birthday parties/ Xmas trips throughout the year.

I put money away monthly into a separate savers account but also pick up bits for the kids on sale from July onwards. I used to do park vouchers but found them to restrictive and Christmas variety forgot to load my entertainer voucher which was really embarrassing. Work out what you spend and how much you need to save a month to get that amount then set up a monthly transfer.

We only do the rule of 4 for eachother (myself and DH) 😇
Our wee lad gets more than 4 prizes off Santa 🥰