As Christmas looms, Brits are already feeling the financial squeeze amid the ongoing cost of living crisis. The latest figures reveal that two-thirds of UK residents plan to spend the same or more on gifts compared to last year, putting pressure on their budgets to navigate the festive period.
TSB Bank statistics indicate that people in the UK expect to spend an average of £315 on presents this month, with four in 10 (42%) having savings earmarked for gift buying. A third are also considering additional measures such as taking on extra work or selling items on Vinted to fund their Christmas.
To alleviate the burden, financial expert and founder of All Things Money, Olamide Majekodunmi, has offered several smart and quick ways to generate extra cash just in time for the Christmas spending spree. Here are Ola’s top tips for boosting your Christmas budget.
Sell your secondhand items online
“Got old stuff lying around? Turns out you could be sitting on cash without even knowing it,” Ola says. “With the holiday season fast approaching online platforms like eBay, Vinted, and Facebook Marketplace offer quick and convenient ways to make a quick sale – all from the comfort of your own home.”
Earn cashback on your Christmas shopping
If you have a long list of people to buy for this year, Ola says you can make your money go further by earning while you spend. With cashback sites you could earn up to £100 back on your holiday spending.
And apps which offer extra cash when you shop at specific retailers, which can add up quickly during the Christmas shopping spree. She said: “You can even earn money on your food shop, by using a Christmas saver card with your local supermarket, locking money away through every shop, to earn a bonus at Christmas time – so all that spending between now and December won’t go to waste.”
Rent out your parking space
If you have spare space on your drive or in your garage, you could be sitting on a goldmine. With people travelling across the country during the festive season, whether to visit family or spend time away, renting out that space through platforms like JustPark or YourParkingSpace could be an easy way to make some extra cash to cover your Christmas expenses.
Get a head start on your new year plans by selling your car
If you’ve been considering a change in car – December can be an ideal time, whether you’re downsizing to a single-car household or getting rid of it altogether. Many buyers are on the lookout for deals before the new year, and sellers can benefit from this demand, Ola says.
To make the most of the end of the year, consider selling your car with an easy platform like Motorway. In three simple steps, you can earn an average of £1,600 more than the traditional part-exchange process, all from the comfort of your own driveway.
“With its speedy online service, selling with Motorway allows you to receive the cash from your sale once your car is collected, ready for the Christmas splurge,” she added.
Make extra cash with receipt scanning
“Receipt scanning apps like Shoppix and SnapMyEats can turn your shopping receipts into small rewards,” Ola said. “Simply snap a photo of your receipt and upload it – you’ll earn money, points, or gift cards in exchange.
“Some apps even offer bonus opportunities for different purchases or special promotions, making it easy to collect rewards quickly. It’s a simple step that can add up fast and give your Christmas pot a little boost.”
