Need Extra Money Before Christmas? Ways Irish Borrowers Can Plan Ahead
If you need extra money before Christmas, the cheapest and safest route for most Irish people is to save in advance. Analyse your Christmas goals and start saving accordingly. It may prevent you from relying on financial facilities like loans and credit cards. The blog discusses the aspects which may help you arrange extra money before the celebration date.
How to save money before Christmas? Finance Options to check
Here are some tips which may help you save money before Christmas:
1) Start with a realistic Christmas budget
Before borrowing or saving, work out what exactly you need to save for and what you can afford. Here is how to create the saving strategy:
- Distinguish items according to category: separate purchase aspects into gifts, chocolates, travel, decorations, charity and miscellaneous costs.
- Set a total amount that you can afford: Identify existing bills, income, and savings. Check how much you can spend on Christmas shopping
- Work backwards from Christmas: Count the months/weeks left until early December. Divide your target amount by that number to get a weekly or monthly saving target. For example, if you must save €27000 within 3 months, you should save €9000 per month until December.
According to experts, you must treat your Christmas savings as a non-negotiable bill. You must pay yourself each month to get closer to your savings goal.
2) Use savings first: borrow only if necessary
According to reports by Irish League of Credit Unions, “ 37% plan to use their savings to fund the Christmas expenses. Only 9% intend to borrow money.” Therefore, one must focus on growing savings by cutting additional expenses, improving income and setting up an exclusive savings account for Christmas expenses. You may also try
- Regular saver / “Goose Club” / stamp saving schemes- You can contact your bank or credit union for help. In this, you pay in a fixed amount each month and can withdraw funds in November/December.
- Retailer savings clubs- Some supermarkets and shops help you save money in the form of vouchers throughout the year for Christmas spending.
Alternatively, if you live from paycheck to paycheck, you may check affordable Christmas loans in Ireland marketplace. It may help you fund emergency needs like repairing the microwave at the last minute or for home renovation and gift planning.
3) Look for areas where you can save
Review your regular spending and cut spending on some aspects. Check your running subscriptions, electricity bill, telephone bill, Wi-Fi, and other operators. You can stop unused subscriptions and switch to a more affordable internet, water, electricity and Telephone plan. You may also shop around for the best insurance covers.
You can switch the existing insurance to these. It will help you pay a lower premium every year. Instead, update the home and theft insurance covers. It may help you save on structural expenses or any other natural mishap. Small reductions may add up over time and maximise your savings.
4) Start buying presents gradually
You don’t need to put the gifting part until the last moment. Instead, you can start planning and purchasing gifts now. You may find more options at a better and more affordable rate. Starting early gives you more time to choose the best present within the budget.
For that, you first need to create a guest list and the people to whom you can send the gifts online. It will help you get a budget estimate. Accordingly, you can plan a gift for each person.
You may also benefit from the Black Friday sales that usually take place in October. Planning early gives you the flexibility to compare the options, check ratings, discuss them with your friends and buy the best gifts for your loved ones.
5) Use credit cards carefully
Credit cards are usually the most comfortable way to finance Christmas expenses. It helps you buy now and pay the bill later. However, credit cards have high interest rates. Missing a bill payment may affect your credit history and lead to interest and penalties.
The best way to use it would be to purchase big-ticket items and clear the balance according to the scheduled date. Alternatively, if you carry a balance, pay more than the actual bill or pay more than the minimum (3%). It reduces the interest and helps you clear the debt without trouble.
Best for:
- disciplined spenders who can clear the credit card bill each month
- Who are leveraging a 0% introductory period on credit cards
Risks:
- You may pay a high penalty
- You may pay high interest
- Easy way to overspend
6) Understand the total costs (if borrowing)
Some people may need to borrow money to ensure a comfortable Christmas. In this situation, one must compare personal loans in Ireland and check APR, total cost and interest rates. Check hidden fees or other charges before applying for loans.
Before applying, ask yourself:
- How much cash do I actually need?
- Can I afford the repayments alongside my existing debt commitments?
- How much will I repay in total?
- Are there additional fees or charges on the loan?
- What happens to loan payments if my circumstances change?
- Could I meet the cost by saving or reducing other expenses?
7) Create a simple planning countdown
You may follow the below chart to reach your saving goal smoothly:
Now–September:
a. Set your total Christmas budget.
b. Open a dedicated savings pot, or you may also join a savings club
c. Start a weekly/monthly standing order.
October–November:
a. Review your list and cut non‑essentials if you’re behind target.
b. If you’ll need to borrow, research Christmas loans and personal loans and get pre‑approval where possible.
c. Avoid impulse buys. Instead, use a 72‑hour rule for non‑essentials.
Early December:
a. Finalise expenses against your budget. Don’t top up with extra credit at the last minute.
b. If using credit cards or BNPL, mark repayment dates and amounts in your calendar.
Bottom line
Therefore, you may try these techniques to save money before Christmas. The best option would be to determine your monthly income and expenses and set aside a fixed amount every week until December. You can also save monthly, according to your convenience. Check loans and credit cards to bridge Christmas needs. Compare APR, interest, and total costs before borrowing.
Ava is Editor-in-Chief at Givemyloan and is known for her deep and practical approach to modern personal finance. She has written several articles covering topics like personal loans, business loans, etc. Coming from an economics and finance background, she has worked behind the scenes to curate informative content to help borrowers identify the right loan option.
Ava’s role at Givemyloan lets her combine her interest in writing with her curiosity to explore the finance realm. She likes to be updated about what is happening in the lending industry. Most importantly, she tries to instil her knowledge in her writing in the best way possible.
She is passionate about helping borrowers look beyond the general features of a loan, i.e. about the fees and other intricate details. When she is not writing, she likes to read contemporary fiction. She is on a mission to help educate people looking for loans so that they take the right route.
