All I want for Christmas is to be debt free

Updated: May 2

WTF is this blog about!?

  • 30% of people in the UK get into debt over Christmas due to overspending* 😲.

  • To avoid this, you should start prepping for this spenny holiday in advance

  • I'm going to tell you how you can do this effortlessly using Starling Bank**.

Ngl, Christmas is my absolute fave - although who knows how it's gonna go down this year with Rona on the loose 🙄. Despite this, I seem to magically forget how spenny it is every time and end up dipping into my overdraft to fund the endless gift giving, mulled-wining and roastie dining.

I guess the easy solution to this would be to not get involved in all the festivities, but where's the fun in that!? So this year I tasked myself with being more organised - setting aside some cash specifically for Christmassy things!

How can I prep for Christmas?

It's pretty simple really. You just need to work out how much you usually spend at Christmas, divide this by the number of months left until the big day, and then put this money aside each payday. You'll then enter December with a nice big stash of cash ready to spend on tinselly madness 🎅.

Some people like to physically withdraw the money each month and set it aside in an envelope - but who tf uses cash these days!? I've personally created a 'Gift Green 🤑' saving space on Starling**. which is basically a mini money box within my account. I've also set-up an automatic payment that goes from my main account into this saving space each payday so that I can sit back, relax and watch that gift-giving pot rack-up nicely.

That sounds like a great idea, can I use it for other expenses?

Absolutely! This saving method is a really useful way of breaking down large expenses into more manageable chunks. Here's a few ideas of what you could save for using this method:

  • Holidays

  • Car insurance

  • Engagement ring (hint to my boyfriend if he's reading this)

The great thing about this saving method is that, if you’ve ever bought anything like car insurance, you’ll know that paying in a single lump sum is often cheaper than opting to pay for it monthly. But we usually don’t have enough money in our account to pay for this large expense outright, so we opt for the monthly payment option. However, by saving for your car insurance using this method, you're essentially splitting it into monthly chunks but getting the reduced annual price - it’s a win-win!

So what?

Planning for large expenses can help us avoid dipping into our overdraft, using credit cards or taking out a loan to pay for them. There's tonnes of ways you can do this, but I'm a fan of automating my money so that I can spend more time doing things that actually make me happy! So for me, the saving spaces feature in the Starling** app is the way to go! You should also check out my last blog on my top tips for saving money online to grab yourself some bargains this Christmas!


If you found this blog useful, please share with your family, mates and Tinder dates! And go give me a follow on Insta for more banging content.

*By using this link to open an account, I'll receive a small reward. Note that I only recommend companies that I either use myself or think are the best option out there IMHO.

Now for the serious part: my blogs are for educational purposes only - speak to an independent financial advisor for information on your specific circumstances. And remember, investments can go down as well as up.

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