How do you avoid a post-Christmas financial hangover? Share your tips with Lloyds Bank and you could win a £300 Love2Shop voucher NOW CLOSED

[ZaneMumsnet]

We've been asked by Lloyds Bank to get Mumsnetters' tips and tricks for stretching every pound in the run-up to Christmas.

”Christmas is a joyous time of the year, however, many parents find it difficult to truly enjoy it. Somehow, your money (and time) is needed to cover presents, food, drink and travelling amongst many other expenditures. We would love to hear how you make sure Christmas doesn’t leave your bank balance a Santa shade of red.” – Lloyds Bank

So, what's your secret? Do you have a special knack to shopping that saves you pounds? Or are you more into the homespun approach, making your own gifts (and fun). Have you perfected the art of negotiating a lengthy list to Santa with a budget in mind? We’d love to hear your top tips.

Everyone who posts on this thread will be entered into a prize draw where one MNer will win a £300 Love2Shop voucher.

Thanks,

MNHQ

Don't spend what you don't have. Don't use credit cards, only cash that is in the budget.

Start as early in the year as you can, even if it's just a little £2 book.

My memories of Christmas with my family aren't about gifts but about enjoying each other's company.

What's worked for me is to have a second current account which functions as a holiday account - we put money into it each month to build up for our summer holiday, then after that to build up for Xmas.

Whatever in the account by December is our Xmas budget. Whatever builds up between December and July is our summer holiday budget.

The other tip is to remember that the cost of Christmas is far more than the cost of presents - it's also more socialising, extra costs at school for parties and fetes, the tree, a few new decorations and new years eve celebrations too... I try to work not only the cost of presents but also all those little extras like for xmas food, entertaining, socialising etc in advance.

Although I buy everything on credit card, I make sure that I only ever spend what I know I can pay back in full, when the bill comes in. That way I also get the benefit of cashback.

I shop throughout the year - if I see something I know someone will like I buy it, especially if it is on offer. This way I spread the cost and don't notice the it so much.

I am also not averse to re-gifting - if any of us have been given something that we won't use but know someone else would love it I think it is much better to pass it on - it saves money and means the gift isn't wasted.

I spread my buying over the year and keep track of spending with a spreadsheet. I set a budget and don't go over it, aiming to be finished by the start of December so we can afford to get some lovely things in to eat and drink and go out a few times without having to worry about finding the cash. And top tip - don't buy anything on credit! If you can't afford it, don't buy it. It's not worth it.

Pick a budget per gift and stick to it.

Do a pre Christmas clear out and sell old toys on ebay/gumtree etc

Take advantage of money off vouchers/apps/events.

Go personalised or hand made and save some money.

no adult presents, tat-exchange.

kid presents are home-made or activity kit cheapies. Lots of fun for the money.

easy really.

and don't use hamper schemes, they go bust!

I buy some presents throughout the year to spread the cost, especially if I find something in the sales / a real bargain.

I like to think I have good will power and stop myself from buying anything & everything - it is tempting sometimes as there are lots of nice things out there but there is no point buying something for the sake of it.

Also my DC are too young to ask for things / realise what toys & gadgets are out there so we're not going to spend that much on them (we know grandparents will!)

Starting shopping early. Buying when things are on special offer. We recently used the double up Nectar points which saved a lot of money too. I find the Christmas bargain threads here so helpful.

shop on Christmas Eve when all the prices are slashed. Shop in charity shops. shop less. Use recycled paper - mags, newspaper, brown paper bags - to wrap with. Don't buy too much food - there is always so much floating around and you don't need it all in your kitchen.

This year I waited for Black Friday to buy the presents, usually I start in Septermber or October.

Food wise I don't get caught in the frenzy of buying everything because the shop will be closed for 1 whole day. I remember being expected to over eat because "it will go to waste"

And set a budget rather than spending willy nilly because you get into the festive spirit.

I have a budget, and try to stick to it. I keep getting out everything I have bought, to remind myself about what I have for each person. It's easy to keep buying for some people, while others who are harder to buy for end up with a smaller pile of presents. This year I have tried to add some presents into my weekly shop, which means I have less luxuries in the run up to Christmas, but hopefully this means we will appreciate the treats even more!

I look for offers throughout the year, which helps with finding bargains but also spreads the cost. I set a budget and stick to it. Only buy things you intend to buy; don't get swept into buying things just because they're on offer.

Make sure we stick to the budget, lots of planning and lots of budgeting-it may be boring but ensures we don't have xmas debts and hangover in January.
Especially important as we have children with Christmas birthday's so it is a very expensive time of year with birthday's and parties on top-I have taken on an extra part time job solely to pay for Christmas and birthdays.

It is a lovely feeling to know that although I have worked hard for it , that its done and doesn't eat into following year.

I just put money away every month. (In fact I put money away each month for all sorts of things.) I worked out how much I was likely to spend on each person, added in a couple of hundred on extra food, divide by twelve, that's that. Simple. Presuming there is a little extra to put away. But if there's not, you're not going to manage Christmas without debt anyway, I guess.

Our meagre savings always tend to end up being spent on car or appliance disasters throughout the year. So (this is a long game) we have had to grow children who actively prefer not to follow the crowd or demand the latest gadgets and fashions that 'everybody' has. Any major items they really want at Christmas will be a collaborative affair with other relatives. We fully expect January to be lean, but the bills will be paid and it will come to an end.

I keep an eye on price fluctuations on gifts & treats, camelcamelcamel,mse & the Xmas thread on here have helped massively this year. We keep christmas realistic for our dd, we try stick to the " something they want,something they need,something they will wear, something they will read" mantra. This year I'm due to have another baby in a few days so have kept spending reigned in as much as poss, we've used points on cards, in store promotions and coupons to keep costs down! I'm hoping we can do a few extra gifts now for adults as the kids spend has come in lower than expected! All in all we cut our cloth accordingly, don't spend what we haven't got & make sure everyone is clear on the gift situation. It works for us & makes for a harmonious christmas.

Firstly, we start with an honest conversation about money and my mantra is definitely 'less is more'.

As many others have said, I buy cards, crackers and wrapping paper in January. I don't buy excessive amounts as I don't buy lots of presents.

We buy one main present for the children and a stocking from Santa. I never buy tat to go in the stocking. I buy useful items along with a clementine and chocolate coins.

I've stopped buying token presents for family and friends. We buy gifts that are wanted for grandparents as a way of saying thank you for all they do as well as it being Christmas. We set a budget of £20 for these. Grandparents buy us and the children a generous gift from our Christmas list so we don't receive lots of unwanted items. If we don't need anything, we ask for vouchers that can be used for food/ other essential items. If I do receive the odd unwanted gift, I re gift. If the children receive bits of tat, it goes in a jam jar for the tombola stall at the school fair. (I dislike tat and don't want to buy anymore when asked to do so for events such as this!). The children don't notice.

I've collected beautiful decorations over the years for our tree (which will be real) and will not be buying any more this year although I do buy candycanes to add each year. When I was a single parent I couldn't afford a real tree so this is a real treat!

We buy a lovely Christmas dinner ( lots of delicious veggies and a small chicken as only my partner and the children eat meat) and just a few treats such as olives and cheese to snack on.

We enjoy seeing family, going to a traditional carol service, listening to the Salvation Army brass band, going on walks and watching Christmas TV..We don't spend lots of money on expensive Christmas activities. The children love Christmas and we appreciate not getting into unnecessary debt.

Aldi is a fantastic place to shop for decorations and food - xmas dinner is considerably cheaper bought from here compared to other supermarkets.

For me, its about having a budget and sticking to it.

I'm an organised type, so I have a standard spreadsheet, which lists all the family and friends that I give gifts to, plus all the extras like the work collection for the food bank, church collection for the women's refuge, etc.

Then as I buy presents, I log them in the spreadsheet. If one present costs less, that means I can allocate more for someone else!

I take advantage of sales - and I keep a keen look out for charity shop bargains!

I shop over several months and make lists to avoid duplication. We buy some necessities as Christmas presents (pyjamas, clothes, a new coat) and give children stockings (.they are teens) with things in they will actually use (post it notes, diaries, socks, deodorant). We keep food to reasonable amounts and plan very carefully. We try to see the 2 weeks as a holiday and do free things too, not just things which cost money.

I start early, and buy a bit at a time. It helps that I can trust my dc to not go rummaging about in the spare room cupboards.

Don't spend more than you can afford to - it sounds so obvious, but work out a budget and then get the best you can within that; don't be tempted to look first, and then wish you cou,d afford all those things which are too expensive.

My biggest tip does involve credit cards, though. I use a credt card all year, for day-to-day spends, and pay it off in full each month when it falls due. I collect all the reward points (currently use a M&S card) and then, by the end of the year I tend to have £250-300 in reward vouchers (dh also has a card, used in the same way, and we pool reward vouchers). I then can get all the Christmas food, which is a major expense, using these vouchers. Plus it's lovely M&S food, and all so easy to cook, as ready prepped etc. Win-win.

Never get into debt.
Buy things you know people will use- meal/cinema vouchers, flowers, chocs, booze.
Admit when you're done - No twitching!

I've created a spreadsheet with an allocated budget for each person and a note of what we actually spend on their gift. Means I won't accidentally spend too much. Have also been buying bits and bobs from Lidl for the last few weeks, to spread the cost of Christmas dinner.

YNAB