Managing your rent and budgeting for Christmas

Christmas can be expensive, with the average UK household spending over £700 more in December compared to other months.

Gifts, decorations, and festive meals can add up quickly, making it easy to overspend, but planning ahead and keeping track of your budget can help you pay important bills while still enjoying the holidays.

Cover your essentials

The first step to staying on top of your money is to pay your essential bills first. This includes rent, utilities, food, and transport.

Write down how much you need to pay for each one and set aside the money for these bills as soon as you get paid.

By doing this, the most important expenses are covered before you spend on anything else, and it also gives you a clear picture of how much money is left for other things.

Once your essentials are paid, you can make a simple budget for Christmas. Decide how much to spend on gifts, food, and decorations, and try to stick to these limits.

Allocating a fixed amount for each category will help you avoid overspending and give you peace of mind.

Start saving early

One of the best ways to manage your money at Christmas is to save a small amount regularly. Even a few pounds each week can add up over time and help cover gifts, food, or other festive expenses.

Think about opening a separate savings account or even keeping a jar specifically for Christmas. This gives you a dedicated place to store Christmas money, so it doesn’t get mixed up with your everyday spending.

Some banks also offer “round-up” tools that automatically save your spare change, helping you grow your festive fund without even thinking about it.

Every time you make a card payment, the amount can be rounded up to the nearest pound, with the extra pennies added straight into a savings pot.

You can check out comparison sites like uSwitch to compare current accounts and find one that suits your needs, such as accounts with low fees or good interest rates.

Pay your rent

Paying your rent on time is essential, even during the busy Christmas season.

If you’re struggling to pay your rent, our Rent Assist team is available to provide advice. Speak with them if you think you may be about to fall into arrears, or if you’re already behind on payments.

Rent Assist can offer guidance on managing your finances, including benefits advice, and help create a tailored repayment plan based on your circumstances.

For more information or to get help, call 0300 365 3100 and ask for Rent Assist.

You can also seek advice and support from Citizens Advice, who can guide you on budgeting, rent support, and emergency assistance.

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