During the colder months, worries about heating your home and spending money for Christmas can set in. There is a tremendous amount of pressure to ‘do it all’ at this time of year, making it easy to find yourself overspending and under financial stress.

Earlier in 2023, Cavell surveyed the nursing and midwifery family and found that 55% worry about the cost of food and 44% worry about keeping their home warm. With those statistics in mind, we sought advice from Cavell’s partner, PayPlan, to offer nurses, midwives and healthcare assistants financial guidance for the festivities.

Who is PayPlan?

PayPlan is a company that offers professional, confidential, and free debt advice to everyone, whether you’re dealing with bailiffs, need to take legal action or want to make a plan to clear your priority debts. You can speak to them via an instant online chat or schedule a convenient time for a phone call.

Below are PayPlan’s top tips for reducing Christmas spending.

1. Set a realistic budget

Before you start shopping for gifts and planning festive feasts:

• Take the time to create a realistic budget.
• Determine how much you can comfortably spend without going beyond your budget and affecting your financial stability.
• Be honest with yourself about your current financial situation and commit to sticking to your budget.

The Budget Planner in the Cavell Support Hub can help you determine how much money you have left after your essential costs.

2. Make a list and check it twice

Just like Santa, make a list of the people you want to buy gifts for. A clear plan will help you avoid impulse buys and ensure you’re only buying what’s necessary.

With Christmas Day falling on a Monday this year, there is a full shopping week before December 25th, meaning there’s less pressure to buy and more time to plan your shopping. Consider thoughtful, meaningful gifts that may not break the bank but carry sentimental value.

You could also agree with your loved ones to set a price cap on gifts or take part in Secret Santa so there’s less spending and a price cap in place.

3. Embrace DIY and thoughtful gift-giving

The BBC reports that pressure on families from the rising cost-of-living has led to fewer expensive toys on sale this year, highlighting the situation many families find themselves in. And it’s true that not every gift needs to come with a hefty price tag. Why not get creative and consider making gifts for family and friends, such as handmade crafts, home-baked cookies, or a personalised photo album?

Thoughtful gestures often mean more to the person you’re giving it to than expensive presents, and they can be a wonderful way to show you care without putting financial pressure on yourself.

4. Take advantage of sales and discounts

Once you’ve got a budget in mind, you don’t have to go out and spend it in one day. Keep an eye out for sales, discounts, cash-back, and other special promotions like employee reward schemes.

Black Friday and Cyber Monday can be prime opportunities to save money on gifts and decorations – but remember to check the value of the discount by using comparison websites to make sure you’re saving money. Which? has a guide to help you with price checking.

Planning your purchases around these events could help you save money without sacrificing the joy of giving. However, it’s important to avoid overspending or buying items that are not on your shopping list just because they’re lower than their usual price.

5. Plan festive activities wisely

The holiday season is not just about gifts; it’s about creating memories with loved ones. Instead of overspending on outings and expensive events, look for free or low-cost activities in your community. Whether it’s a winter walk, a movie night in, or a homecooked dinner with friends, the focus should be on the experience, not the expense.

With that in mind, some of your Christmas gifts could be ‘tickets’ for a day out that you’ve planned later in the year, giving your loved ones quality time with you as their present and something to look forward to.

6. Share the cost

When it comes to gifting, could you split the cost of a gift with a family member, partner or friend? This way, you may be able to gift a special present that would otherwise be above your budget.

If you are hosting guests on Christmas day, consider sharing the responsibility and financial load of Christmas dinner. Ask each of your guests to contribute a plate of food towards the meal, or you could split the dinner contribution into starter, main, dessert and drinks between your family and friends.

7. Plan for next Christmas

While it might seem strange to already be thinking about next year’s Christmas celebrations, we recommend you aim to put a small amount of money aside each month of the new year. There are plenty of banking/budgeting apps, like Monzo, to help you with this through their ‘pots’ system.

What to do next

If you’re struggling with debts, call PayPlan on 0800 072 1206. Their lines are open from 8am – 8pm Monday to Friday, and 9am – 3pm on Saturdays. Alternatively, you can visit their website to speak via live chat for more information.