Saving for Christmas and birthdays
Saving early for special occasions means you can put a small amount aside each month rather than having to pay for everything in one go. You’ll also avoid paying credit card interest charges and fees.
Our savings accounts can help you get ahead.
Set a budget for special occasions
The average household spends around £800 on Christmas. Set a budget to help you control your spending on food, presents, travel and other expenses.
To work out how much you need to save:
- Make a list of family and friends to buy Christmas presents for, with an amount for each person.
- If you’re hosting a dinner or party, consider how much you need to buy food and drink for guests.
The total will show how much money you need to save each month to cover these expenses.
Ideas to keep the cost down:
- Organise a clear out with your family and sell the items you no longer want online or at a local sale to put some money back in your pocket.
- If you’re buying gifts for work colleagues, agree a limit of £5 to £10 upfront.
- Give something handmade instead. You can then personalise the gift and keep costs low.
Stick to your savings plan
Treat saving in the same way as a bill. Saving a regular weekly or monthly sum is more effective than saving what you have left over, which could be nothing.
Try to be realistic – it’s better to commit to a manageable amount than to aim too high, then give up. If you’re not sure how much you can afford to save, start small by putting your spare £1 or £2 coins in a jar each week. Then try setting aside a bit more on a regular basis.
Once you’ve decided on a regular sum, set up a Direct Debit or standing order to transfer your savings into your savings account each month.
Our Save the Change feature on eligible Lloyds Bank current accounts can help you save by rounding up your purchase to the nearest pound and transferring the difference into your nominated Lloyds savings account.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).