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Making Christmas more affordable

It might feel a little early to discuss Christmas, but it will be here in the blink of an eye. In December we will collectively spend around £446,000 every minute of every day on Christmas presents alone.

Sunday 22 September 2019 16:13 Press release

Making Christmas More Affordable

Keeping spending under control is key to enjoying the festive period. Without being organised, spending too much can add a huge amount of pressure. We thought it would be helpful to let you know about how Saffron can help and where to go for budgeting hints and tips.

A typical household spends over £500 more in December. This extra cost goes towards presents, food, travel and decorations.2 It’s said that although many may start with a budget, consumers often don’t know exactly how much they have spent to celebrate Christmas.

Ideally, you should save up for Christmas and spend only a fixed amount based on what you can afford. Putting together a budget is a good place to start. The Money Advice Service offers a Christmas Money Planner and The Money Saving Expert has a budget planner to help you to stay in control of festive spending.

Ways to save

Thinking about how to save prevents your cashflow from exceeding what you can afford. Send your Christmas cards by second class post instead of first class. Agreeing with friends or family a limit on what you spend on gifts, or doing Secret Santa instead of buying everyone a gift are other ways to curb spending. If you’re creative, making gifts, cards and present labels is a great solution when you’re trying to be thrifty. Selling things you no longer want or need, from clothes to old toys or homeware, could make you some money before you spend it on this year’s Christmas, and help to neutralise costs.


Almost 80% of British shoppers admit to going over budget at Christmas, using credit cards, overdraft and other credit to see them through.3 If you do find yourself in a tight spot, the Step Change website will help you organise any payments you need to make before things get worse. As well as taking on debt, consumers look to foodbanks for support. The Trussell Trust said it provided nearly 160,000 three-day emergency food supplies in December last year – a 49% increase on the monthly average for the 2017-18 financial year.4

Saving at Saffron

Our customers tell us how important it is for them to make their savings work as hard as possible. That's why at Saffron Building Society we offer a free savings review in our branches, to help people take a fresh look at their savings accounts.

We offer a range of savings accounts, including Immediate Access, Fixed-Rate Bonds and ISAs, and our Limited Access account. There are also various accounts that you can open and manage online. Tucking away some savings before Christmas will provide an extra cushion for last-minute requirements or help with cashflow come January.

If you want to get ahead for next year, we have a 12-month Regular Saver account that you can add to the pot over the year in time for 2020’s Christmas shopping. Alternatively, by opening a One Year Fixed Rate Bond with one lump sum, you could set aside the money and keep it safe to help fund Christmas next year.

Saffron Rewards

When you open one of our savings accounts you are entitled to our Saffron Rewards. We have partnered with Parliament Hill who provides access to discounts and offers for a number of products and services. As a member of Saffron Building Society there is no registration process; you have access to benefits that can reduce the cost of your day-to-day spending on lifestyle, shopping and days out, which could ease the pressure over Christmas.

This Christmas

By getting organised with a budget, you’ll be able to approach this Christmas feeling festive. Tuck some money away, or join us for a Savings Review for a better idea of what you can spend when you’re out present buying. And remember, Saffron members have access to Saffron Rewards, offering you discounts. We wish you a very Merry Christmas!


  1. The Independent
  2. Bank of England and Money Advice Service
  3. The Independent
  4. The Independent