Christmas Savings Calculator: How can you save up for Christmas in just 100 days?

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

About 10 percent of Brits intend to spend more than £1,000 on Christmas this year. With just a few months to go and plenty of bills to pay, it’s going to be tricky to put aside extra money to pay for gifts, food, and more. However, with a little planning you can easily make Christmas spending more manageable.

How to save £1,000 before Christmas

MoneySuperMarket has launched a Christmas Savings Calculator to help you budget for the festive season.

The site’s research has found that Brits are aiming to spend less on average than last year.

In 2020, most people will be spending about £582 on Christmas, £70 less than last year.

However, if you’re one of the people who wants to splash out and spend £1,000 on Christmas, the calculator can help you plan for this.

READ MORE- Martin Lewis on the ‘one big change’ mortgage holders may miss

Claudia Nicholls, money spokesperson at MoneySuperMarket, said: “After a year like no other, the Christmas period remains a constant many of us are looking forward to.

“With the big day 100 days away, now is a good time to start thinking about making a budget because, for many Brits, Christmas is only three or four pay-checks away and it’s very easy for costs to creep up.

“While Christmas is a time to celebrate, we also know the financial side of it can cause many a lot of stress.

“So, to help Brits after a really tough year, we’ve created a free to use calculator on our site that can help you plan ahead and get money calm.

“If you’re feeling anxious about the coming festive period, don’t hesitate to use it.”

Half of us will be setting a budget this year to avoid going overboard.

However, a third of us are expecting to dip into our savings to pay for the big day and one in 10 will use a credit card.

The best way to save for something is obviously to put away money from each pay cheque.

The MoneySuperMarket calculator allows you to state how much money you need to spend on certain things and tells you how much you’ll need to save per week to meet this fee.

Drivers can save £67 on their car insurance by updating these details [INFORMER]
Martin Lewis breaks down ‘important’ pension tax rules [EXPLAINER]

Two thirds of spending (65 percent) tend to go on presents, nearly half of which will be bought online.

The calculator has a box to fill in to say how much you want to spend on presents this year.

The results can be very calming and will help you see that you can easily save enough.

For example, let’s say there are four people you need to buy gifts for and you are spending £50 on each of them.

From now until Christmas, you have to save £14 a week to be able to afford this – that’s £56 out of your monthly pay.

The average UK family spends £340 on a roast dinner for seven people.

The calculator shows you that if you start saving today and save £25 a week, you can easily cover the cost!

The calculator even takes consideration of little things like travel, socialising, and activities with the kids.

If you are really honest with yourself, the calculator might whip you into shape and encourage you to stop wasting money!

How much can you save?

If you wanted to save £1,000, you would need to save £71 per week.

For those who get paid monthly, that’s £284 a month.

That much smaller figure is less daunting, isn’t it?

If you REALLY want to splash and have the money to spare, you could realistically save as much as you want to by Christmas.

The average UK salary for men and women in full-time work is £35,423, which is about £2,300 a month AFTER tax.

The average UK family with two parents contributing an income has outgoings of £2,500 per month.

Do your own math to figure out exactly what you’re spending money on and how much disposable income you have after necessary outgoings.

Whatever you do, don’t feel pressured to splurge!

Use this calculator to figure out what is realistic for you.

Source: Read Full Article