This time of year can add extra pressure to our finances, whether it’s from extra nights out, buying presents or increased utilities costs. That’s why ahead of the winter break it’s important to familiarise yourself with your budget and ways to stay on track.

Here are some things to keep in mind over the winter break: 

  1. Check your budget – The end of the first academic term marks a great point in the year to look back and check your budget. You can review things that have been working well in terms of managing your money and identify areas for improvement e.g. now is a good time to get rid of subscriptions you are not making use of and think about what your expenses will be like for the new term. For tips on how to budget have a look at our previous article: https://studentsunionucl.org/articles/budget-from-beginning-your-student-maintenance-loan  
  1. Be intentional with your spending – Black Friday, Christmas and Boxing Day Sales are not always worth it. In the words of Martin Lewis ‘If you were going to buy it anyway and it is half price, you saved 50%. If you weren’t going to buy it but do cos it’s half price you’ve wasted 100%’. https://www.moneysavingexpert.com/news/2024/11/black-friday-christmas-presents-buy/  
  1. Use price comparison sites – If there are things you have been planning to buy, use price comparison sites and shop around for the best of the deals on offer. Money Saving Expert is a great place to review this year’s Black Friday Sales  https://www.moneysavingexpert.com/latesttip/  
  1. Have fun for free – London is at it’s best this time of year with lots of free activities on offer. Take the time to research and plan your nights out, saving you money and making the most of the city. https://www.visitlondon.com/things-to-do/whats-on/christmas/budget-christmas-in-london  
  1. Be mindful of scams – Just like all other times of the year, it’s important to watch out for scams. The winter period is a time of high spending and last-minute gift shopping can pressure us into making impulse purchases. Make sure to double check online shopping is done from legitimate retailers and be conscious of social media sellers such as from TikTok Shop or Instagram. Making sure to check reviews before making a purchase to avoid being disappointed and having to buy twice. 

For more tips on managing your money over this period, check out https://www.moneysavingexpert.com/shopping/christmas-savings/  

For free and confidential money advice and support or the chance to speak to someone about improving your financial situation, contact the advice service for an appointment at [email protected]  The above information is for general information purposes and does not constitute financial advice.  

Last updated 2 weeks ago Read time 2 mins