How To Save Money for Christmas 2023: Christmas Saving Plan Template and Tips

Find out the best ways to ensure a stress-free festive season. Find out the key points here. Click to learn more.
Amabel Polglase
November 7, 2022
min read

Christmas 2023 is right around the corner. With increasing household bills and everyone watching their spending right now, saving money for Christmas is more important than ever.

Christmas can be a drain on your income if you don’t plan ahead. Saving for Christmas doesn’t have to be difficult or stressful. Following a few simple tips and using Hyperjar’s saving plan template, you can easily save up for the festive season and all the additional expenses without falling short. The key is to start now.

Have you been a good saver this year? If not, don’t worry! This article will cover how to save money for Christmas, Christmas savings plans, templates and more.

This guide will cover the following:

●  Why save money for Christmas?

●  A saving plan template to save money for Christmas

●  Tips for saving money for Christmas

●  How to save money for Christmas next year

Why save money for Christmas?

As the saying goes, time flies. Before you know it, the shops are selling Christmas cards and you realise that Christmas is only a few paydays away. You can avoid the panic of paying for Christmas by saving a little throughout the year.

Adding a ‘Christmas fund’ to your monthly budget means you’ll have enough to live within your means during the festive season and avoid getting into debt or spending more than you can afford.

The earlier you start, the better. More time = more savings. You can save in advance to pay for all Christmas expenses, including:

·  Presents
·  Decorations
·  Christmas tree
·  More regular social events
·  Work parties
·  Secret Santa
·  Christmas Food
·  Travel expenses to visit friends and family

By being mindful of your spending and saving money throughout the year, you can have a stress-free and affordable Christmas. 

A saving template to save money For Christmas

Perhaps the best way to save money for Christmas is with a template. Luckily, you can easily find these online (here are two examples). Using a Christmas savings template, you can keep track of your savings goals and progress and get tips on saving money all year round. And don’t forget the other great templates out there.

With a template, you can clearly plan and monitor how your income will cover Christmas 2023. Keep it on your phone or laptop, or print it out if that works best for you. Simply enter your Christmas savings goal, start date, and end date, and you will be on your way to a stress-free holiday season.

Tips for saving money for Christmas 

Moneyhelper estimates that the average Christmas budget per household is around £350, which includes food, presents, travel and decorations, among other expenses.

Do you have that amount spare to spend at Christmas? Saving for Christmas can be easy if you start early and know where to begin. Here are the best Christmas money-saving tips:

Give yourself a budget

Everyone’s financial circumstances and goals are different, so set a Christmas budget that is realistic and comfortable for you. Work out how much you need to cover the Christmas period and stick to it. Don’t be tempted to overspend or borrow money, as this can easily spiral into unaffordable debt. If you are visiting family, don’t forget to budget for travel costs and extra that usually come along with Christmas.

·  Be honest when speaking to friends and family about your budget
·  Set spending limits and stick to them
·  Discuss joint gifts or limit the number of gifts for each person
·  Ask friends and family what they want for Christmas. You may be able to help pay for something they need rather than waste money on unnecessary gifts
·  Use a Christmas saving plan template
·  Add a ‘Christmas fund’ line to your weekly or monthly budget and save as much as you need to cover your Christmas costs
·  Use HyperJar Jars to split your savings clearly and keep on top of your total

Automatic savings account

Save up for Christmas expenses without having to think about it. If you automatically set up a payment to leave your bank, you can’t forget to save. You can set up a direct debit from your current account to a savings account, and your Christmas money worries will be sorted. 

·  You can earn interest on your savings too. HyperJar’s 4.8% annual interest rate means your money will go further.

·  You can automatically transfer money from your checking account into your savings account each month on a date that you choose.

Set up a Christmas savings account

For Christmas expenses, you should open a separate savings account. If you’ve been guilty of dipping into your savings, keeping a separate Christmas fund will ensure you don’t use that money for other things.

You’ll be able to stay ahead and on track if your Christmas savings are kept separate from your other expenses. 

Hyperjar jars are the modern way to save. They give you an easy way to monitor and split your savings goals all via an app. Simply label one of your jars ‘Christmas fund’ and watch your savings grow.

Receive spending notifications from HyperJar

Hyperjar will send you helpful notifications each time you spend. This will help you take accountability for your spending and give you a visual reminder of how much you are spending and where. For example, if you are trying to save for Christmas, could you walk instead of getting an Uber or skip the takeaway this week? (We all know there’s food at home).

When you create a HyperJar account, you’ll have access to an analytics page that details your spending habits over time. You’ll see the bigger picture with a clear overview of your spending and budgeting.

Take advantage of cashback rewards

Cashback rewards are a great way to get the most from your money and earn rewards on your spending. HyperJar bank cards offer a range of offers and rewards. If you were going to spend your money in a certain store anyway, now you can earn rewards too.

We’ve partnered with the country’s favourite brands to bring you a new way to get rewarded when you plan and shop - all delivered seamlessly in the app. You can find these rewards on the Shops tab. And remember to check in regularly - new offers land all the time.

You can: 

·  Get exclusive discounts

·  Money-on rewards

·  Get paid to plan

Sign up to get your pocket-sized financial buddy here.

Cut back on expenses

The best way to save more money is to cut back on expenses. Analyse your current outgoings using your bank statement and see where you could save a penny or two. 

·  Create a budget and stick to it
·  Pay attention to how much you’re spending on each purchase. Ask yourself, do I really need it?
·  Prioritise needs instead of wants. If there’s something you want, add it to your Christmas list.
·  Cook at home more often
·  Socialise with friends at home rather than going out
·  Shop at discounted stores or choose non-branded food items to reduce your food bill
·  Cancel monthly subscriptions or memberships you could live without
·  Shop early or in the sales to get great gifts at a fraction of the price

You can then budget effectively when you have a clear idea of your outgoings and necessary spending (rent, travel, food, utilities etc.). You may think cutting back a little won’t make much difference, but every saving you can make adds up. If you cancel two subscriptions totalling £20 each month, you could save £240. If you transferred that money straight into your Christmas savings jar, your costs could be covered without spending any more money.


Saving money for Christmas is better if you start early and plan it into your yearly budget. When you have a healthy Christmas savings fund, you can minimise the stress that Christmas spending often brings.

Although it comes at the same time every year, it can still surprise those who haven’t planned for it. By planning your spending and outing away a little each month, you can enjoy the festive season without worrying about how you’re going to pay for it.

HyperJar can help you to save money for Christmas and whatever other financial goals you have. Sign up today and start budgeting like a boss.

Amabel Polglase

Chief Marketing Officer

Amabel has diverse experience in business, marketing and entrepreneurship, including founding her own successful startup. She served in several senior leadership roles prior to joining HyperJar including Zilch and Curve Card where she led brand, marketing and communications. Before joining the fintech revolution, Amabel was a managing global client partner at Facebook and prior to that at McCann-Erickson, the world’s largest ad network. She volunteers at Girls Out Loud, a charity created to empower and inspire teenage girls, and is also a mentor at The Girls’ Network. She received her MA in history and international relations from the University of St Andrews.

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