18 October 2023 , 13:10
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Christmas is the most expensive time of the year. According to figures from the Bank of England, in the UK, the average family spends £3,240 in December – which is a whopping 29% more than any other month.
So just think how useful an extra £175 in your bank account would be? Sound too good to be true? Money expert Martin Lewis has revealed how you can get your hands on the cash - and it's so simple.
Martin has revealed on his Money Saving Expert site, that top customer service bank First Direct is giving out free cash to new customers who switch to its accounts. Within 28 days of the switch, First Direct pays newbies an impressive £175.
You do have to pay in £1,000+ - but you can withdraw that money straight away. So, since switching accounts takes seven working days, if you act now you should have the money in your account in time for Christmas.
The advice is just one of 48 top Christmas tips from Martin Lewis, designed to reduce the financial stress and avoid being skint in January. Number one in the list reads as follows: "Before you start planning, consider this: many list every lusted-for item, gifts for all, and a corking meal, then only afterwards consider: 'How will I pay for it?'
Shop prices 'are yet to peak and will remain high' as inflation hits new heights
"That's a recipe for ending up broke. Instead, calculate your budget and ask: 'What can I afford to spend?' Christmas is one day – don't ruin the whole of the next year for it." Other money-saving tips include making a list – and checking it twice. "Christmas shopping on impulse is dangerous. So make an old-fashioned shopping list and stick to it. Remember, shops spend a fortune on targeting your spending impulses – a list helps you beat them," the experts say.
It's also worth having a bit of a clearout before December rolls around. Flogging things you don't need on eBay or Vinted is a great way to make easy cash, the pros note, and even better? there's no seller fees. Meanwhile, another tip for festive spending goes as follows: "DON'T borrow for Christmas... but if you must, get a 0% card. Far better to budget, but no matter what we say, some will borrow."
How are you budgeting for Christmas this year? Let us know in the comments.