We bust four common Christmas shopping myths that could be costing you
AS the festive season looms, many of us are looking at ways to save money.
But not all advice is good. We got experts to bust four common myths . . .
KEEP ALL MONEY IN A CURRENT ACCOUNT: This could be costing you.
Brian Byrnes, head of personal finance at the savings app Moneybox, advises: “Many people think the best place to keep their cash is a current account.
“Actually, with interest rates now higher than they’ve been in 15 years, it’s worth shopping around and seeing if you can get a better rate on your savings.”
BLACK FRIDAY DEALS ARE ALWAYS THE BEST: Many people scramble to pick up Christmas gifts on the Black Friday weekend, later this month, but there could be a better time to splash cash.
Finance expert Michelle Delker says: “Rather than going shopping on these dates, track prices of items you genuinely desire, and use price-tracking tools or apps to get items when prices are at their lowest.”
USE A SHOPPING LIST: When hitting the supermarket, you might think writing a list is the best way to save.
But Sarah-Jane Outten, shopping expert at MyVoucherCodes, says: “We often think sticking to a list avoids overspending, as we dodge impulse buys.
“But when we militantly stick to one, we tend to ignore the bargains on offer.
“If we’re willing to switch brands or even meal ideas, we can save a fortune.”
SAVE BY DITCHING DAILY TREATS: If you buy five coffees a week at £3.30 each, you would save £16.50 by cutting them out.
But your chances of sticking to this are not great in the long term, says Sarah Coles, head of personal finance at savings platform Hargreaves Lansdown.
She suggests: “It’s much easier to start with changes that mean you only have to do the right thing once — such as shopping around for insurance.”
- All prices on page correct at time of going to press. Deals and offers subject to availability
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