With just six weeks to go, the festive season will be here before we know it. And with this, usually comes financial pressures of present giving, decorations, food costs and extra social events.

So, Hodge is sharing three saving tips and hacks for people who aren’t feeling prepared for the season ahead. Hodge has revealed the optimal ways to put money aside from upcoming paydays, and how to be better prepared for 2025.

Christie Cook, managing director of retail at Hodge says: “In an ideal situation, we’d all like to be entering autumn with money set aside for Christmas and the costly festive season. But with rising energy and domestic bills and cost of living concerns this year, more of us than ever might be feeling unprepared and are yet to save for December’s higher outgoings. And, given it’s just around the corner, for those paid weekly, there are just 13 paydays left until Christmas, and for those paid monthly, there are only 3 paydays left from September – November.”

According to Hodge’s research, data from 2023 suggests the average spending per head during the Christmas period is £767.54. This figure could also likely rise to well over £1000 for families who have more presents to buy or mouths to feed.

Hodge’s three Christmas saving tips and hacks:

1. Put aside money from every pay day from now
   “If you haven’t already got money aside for Christmas, then to have the average £770 aside for Christmas, you would need to save £257 in September, October and November if you’re paid monthly. Or £59 weekly for the next 13 weeks.. Obviously, that’s an awful lot to suddenly need to start saving and for many, certainly not possible. So, it might be better to start with a list of what needs to be bought for Christmas and then reviewing what you could realistically take out each pay day.”
2. Consider the ‘50 30 20 saving method’ for budgeting
   Waiting until December to do all your festive spending can put pressure on finances for the whole month, and impact your January bank balance too. Christie says if you’re in a position to be able to do so, it would be ideal to front-load these payments: “With a saving method like the ‘50 30 20’, it will make December itself less costly. This leaves you with more money for the longer wait for January payday (especially if you’re paid early in December!), and also to have extra funds for unprecedented costs during this time. Saving methods like these can reduce the last minute pressure and overwhelm that comes with one-off costs like Christmas, car insurance, or a holiday.”

For someone paid monthly and budgeting for a Christmas spend of £800 for example, this would mean taking £400 out of September’s paycheck, £240 in October, and £160 in November.

1. Plan for 2025 now for less noticeable impact by putting aside £77 a month
   Christie suggests setting out an annual saving plan to make Christmas costs feel like less of a burden: “Rainy day funds and saving for unknown eventualities like car problems or property damage is good. But being prepared for planned outgoings should be prioritised. One recurring cost we can all plan for is Christmas and gifting for loved one’s birthdays throughout the year for example.” Based on the average Christmas spend of £770, if you put aside around £80 a month from February – November, it would mean no Christmas saving needed in January 2025, or December next year, and reduces the pressure at the last minute.