PayPal’s 2023 Festive Spending Snapshot i found that 72% of Brits are looking to cap their Holiday spending through budgeting but many people don’t know where to start. That’s why we’ve pulled together our top tips to help you stick to a budget this year while still treating your loved ones to the gifts they deserve.
Start with a budget – set spending limits and be realistic about them
Often the best advice is the simplest and when it comes to budgeting the first step is always to set a spending limit and stick to it. Make Your Own 'Naughty or Nice' List and set a budget for each person; 42% of those surveyed in the UK will do this to manage finances this Holiday season.
And remember, December is often an expensive month with parties, celebrations and decorations needing to be accounted for alongside gifts, so make sure these are included in your planning.
Keep track of your spending
Once you know your budget, keeping track of your purchases means you're less likely to overspend. The one thing you need to be cautious about is when it comes to impulse buys.
One of the ways you can keep track of your budget and not get tempted to pick up more than you need is to shop online for gifts, décor and ingredients for your festive meals. You can use PayPal to checkout, track your purchases on the mobile app, and use Honey for available discounts codes.
Consider second hand or regifting
Thankfully, we’re moving away from seeing second hand or regifted presents as a bad thing. While both used to be a bit of a no-no, a renewed focus on helping to protect the environment and reducing waste, as well as rising living costs, are helping Brits to make their shopping greener and more cost effective. Our study, for example, found that 23% of respondents will be shopping at charity shops or second hand this Holiday season.
When buying from charity shops, further benefits come in the form of supporting important causes as well as unearthing hidden gems.
Be creative
We all know it’s the thought that counts, so consider giving family and friends homemade gifts. Whether you make a scrapbook, piece of clothing or banana bread, DIY gifts and heartfelt gestures will go a long way to making your loved ones feel special and keeping your budget in check.
PayPal offers an easy and convenient way to keep track of your transactions. Whether paying for your purchases with PayPal Checkout, or sending money to family and friends*, doing your Festive Maths and budgeting this Holiday period with PayPal can help you stay on top of your finances.
Head to the PayPal website for more information on easy budgeting solutions for the festive season, such as PayPal checkout and sending or receiving money with family and friends.**
* An account with PayPal is required to send and receive money
** This article includes tips, suggestions, and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.
i PayPal’s 2023 Festive Spending Snapshot of 2,000 UK adults who celebrate the holidays (nationally representative) conducted by OnePoll in November 2023.