When it comes to Christmas dinner, we all want to be left loosening our belts and feeling good, but if new statistics are to be believed, that belt may have to be tightened before you can settle down to that turkey.
The survey conducted by the Office for National Statistics (ONS) has shown that compared to this time last year, the cost of the average festive feast has risen by 7.5%.
According to the ONS, most of the foods and drinks associated with Christmas dinner—red wine and cake, for example—are responsible for this increase in price, with only potatoes, carrots, and double cream having fallen in price. These figures have been drawn from the prices of the basket of goods used to calculate monthly inflation.
However, in contrast to this news, it would appear that if you are willing to reduce the mountain of food you have, you can have a complete Christmas for less than £200. Let us understand the Christmas expenses in detail.
Christmas Expense Breakdown
Image: Investopedia
The average family in the US will spend between $900 and $1000 on Christmas-related items, including gifts, decorations, food, and drinks. However, when questioned, most families with a lower income said they would spend around $200.
This breaks down to approximately $340 on food and drink, $280 on decorations, $60 on cards, and $200 on gifts for a basic Christmas.
It is not just consumers who have been affected by this winter. Sales of winter-related products—including cosmetics and clothing—have been much lower than in previous years.
This has been put down to the very mild weather across most of the country, meaning there is less interest in items that would otherwise have been snapped up quickly.
Eggnog, cookies, and ham cost more this year compared with last year.
You are going to pay a little more than last year for some of your favorite Christmas foods. Eggnog experienced the highest price hike, up 24 percent from last year, according to the survey, at an average price of $5.37 per half-gallon.
Spiral ham is 6.8 percent more expensive than last year and runs about $3.13 per pound. If you are leaving cookies out for Santa, chocolate chip cookies average $5.04 per pound, which is 2.1 percent pricier than last year.
Holiday Decor: Trees, Lights, Ornaments and More
Again, the Christmas tree would be the costliest decoration, with an average of around $87 for a real tree. Lights would average about $13 for 100-count string lights, and tree ornaments around $14.68 for a 24-count package. The prices of poinsettias are down by a little more than 10% from last year, and they would cost about $7.11 for a six-inch pot, so consider them also for your decoration to cut costs.
Wrapping paper for your presents will run about $20 on average for 120 square feet, or three to four rolls. If you are snuggling up by the fire, firewood may cost you about $49.05 for 10 pounds. Some of these holiday staples are pricier than last year, but inflation continued to moderate in November, taking some of the heat out of household costs and a sign that prices may be leveling off.
Easy Ways to Save Money on Christmas 2024
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Organize a Secret Santa gift exchange
Saving big bucks on Christmas personally is only better when your whole family can save big bucks, too. It is literally the perfect scenario: one gift instead of a dozen. Being anonymous relieves the urge to overspend. Finally, there will be plenty of laughter when we unwrap one another’s gifts in front of each other throughout the holidays.
We all receive gifts and spend time together, and this probably saves each of us hundreds of dollars.
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Shop Around for Lower Prices.
It is acceptable to purchase in person this Christmas season rather than online. You do not have to shop online. to get good prices
Walk through some stores, comparing prices. The savings on gift choices here and there really add up when you are buying for multiple people. You will probably find that the same toy is $40 in one store and $35 at another.
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Get paid back for holiday purchases.
If you are committed to buying Christmas gifts for your family members, by all means, go ahead and do so without breaking the bank. The fact that you gain points for every online purchase you make is also advantageous.
You can probably save money in several ways whether you buy at Walmart, Macy’s, Kohl’s, or any other popular retailer.
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Use discount gift cards.
Look for inexpensive gift cards from those well-known gift card exchanges whenever you purchase them in person or online.
The concept is simple: people who do not want or need a gift card from a retailer sell them for cash.
For example, a person has that $100 Lowes gift card and believes he/she will never use it. Then, they sell it on sites such as Raise.com for $85 in cash. He/She is going to get the cash value of the card, even if not up to the face amount, and does his merry thing.
Raise will then resell the gift card—for a higher price, naturally—to buyers who are looking for a Lowes gift card. If you know you are going to buy from a particular store, do a quick scan of one of these sites, hoping you can score a discounted card.
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Avoid marketing trickery.
Neuromarketing has made tremendous strides over the past two decades. Alas, the unsuspecting Christmas shopper- is often on the receiving end of those strides.
Advertisers have all sorts of tricks to pry your wallets open. They are all aimed to make you spend and not save a buck. In one of many dozens of ways, advertisers recoup the savings they offer you. They are the ones coming out ahead here. Be resolute in resisting the urge to spend money on things you wouldn’t normally go out and buy because something seems like a deal.
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Write your own “nice” list.
Make a list of the people that qualify for the “nice” list, much like Santa does. Putting pen to paper saves you money this Christmas in a number of ways.
A list enables you to plan out your purchases ahead of time. It is your secret weapon against impulse spending, especially if you have a tendency to overspend.
A list will help you ensure that there are people who are set to receive gifts and provide an estimated budget for each. Rather than going shopping and buying something that comes your way, which may end up being very expensive, having a budget guides you to possible gifts that are within the amount.
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DIY the gift-wrapping
Can you believe how expensive paper and gift bags can get? Buy new gift wraps for your birthday, but use last year’s gift bags this year.
Another real penny-pincher when it comes to wrapping presents is wrapping them in newspaper and coloring them with sharp markers or paint. Allow the family members to participate and make it one of your activities for the 12 days of Christmas!
If you run out of time, you can even opt for the black-and-white look of a plain newspaper or use the comics section. If you have something around the house, add a fun bow or ribbon.
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Watch for special deals only on social media.
Brands frequently extend deals to their most committed social media followers. Occasionally, around the holidays, browse your favorite stores for promotions that have no catch or minimum purchase amount.
Then there is the aspect of bargains. When it comes to shopping online, retailers rely on consumers to buy more than they can afford.
Still, if you can hold firm and only choose Christmas gifts for which you were actively searching, a social freebie is never a bad thing – especially if you can then defriend or mute their notifications once the holidays are over.
How to Save on Christmas Dinner
Preparing for the festive season not only spreads the cost but could equate to big savings on food and drink:
- Start with a budget. It will help you plan ahead and consider hidden expenses, like the price of tin foil for roasting a turkey.
- Compile food list: Once you have created a budget, ask which foods are essential to you and which you could do without. Perhaps you are not going to let go of Christmas pudding but are not that bothered about festive biscuits.
- Shop the bargains: Look for planned offers on retailers’ websites and reduced yellow sticker items.
- Use your freezer: Butter, meat joints, and some cheeses, such as cheddar, freeze well for Christmas.
- Shop with friends and family: You can buy in bulk, often better value.
Conclusion
With Christmas set to hit families harder than ever this year, it may be a good idea to check out a range of purchases credit cards to help cut down the amount you spend when shopping with your credit card. You can get through the Christmas season with the aid of the money-saving tips we mentioned in the article. Make every effort to provide for your family, but never forget that you may save costs on Christmas gifts without sacrificing the happiness that comes with the season.