Personal Finance

Save This Much for a Debt-Free Christmas

For a debt-free Christmas (the best gift you can give yourself!) save this much money each week depending on when you start to save during the year and how much you want to save for the holidays.

With the average household carrying over £7,800 of loans and credit card balances, you wouldn't be alone if you wondered how to save money ahead of the holidays. One of the best ways to have a debt-free Christmas is to save money ahead of time. The earlier you start, the more you can save. Even so, starting to save in the autumn can still help you pay for gifts, food, drink and other expenses so that you don't start the new year with more debt. If you can't find the money from your regular income, there are many creative ways to earn extra money so you can give your family the Christmas you desire.

Save Money Each Week for a Debt-Free Christmas

The earlier you start to save in the year for Christmas, the more money you'll have set aside for Christmas gifts, food and drink, decorations and other expenses related to providing your family with a festive holiday season. That said, even those starting later in the year can still sock away a nice pot of money for Christmas. Our tables and charts below show how much you could save whether you start on 1 January, 1 November—or any month in between.

For example, if you start saving in January you'll only need to save £10 a week to have over £500 set aside for Christmas; if you wait until July 1st to start saving you'll need to put away £20 each week to get the same £500 pot for Christmas expenses.

Amount you can save for Christmas depends on when you start saving
Save £10 a weekSave £15 a weekSave £20 a week
1 January£511£767£1,023
1 February£467£701£934
1 March£427£641£854
1 April£383£574£766
1 May£340£510£680
1 June£296£444£591
1 July£253£379£506
1 August£209£313£417
1 September£164£246£329
1 October£121£182£243
1 November£77£116£154
Chart showing how much you can save for Christmas by month you start to save and amount you save per week

Christmas Budget by Month You Start Saving

Christmas money if you start saving in January

Amount you can set aside for Christmas if you start saving on 1 January
Weekly savingsChristmas pot
£5£256
£10£511
£15£767
£20£1,023
£30£1,534
£50£2,557
Chart showing how much you can save for Christmas if you start saving in January

Christmas money if you start saving in February

Amount you can set aside for Christmas if you start saving on 1 February
Weekly savingsChristmas pot
£5£234
£10£467
£15£701
£20£934
£30£1,401
£50£2,336
Chart showing how much you can save for Christmas if you start saving in February

Christmas money if you start saving in March

Amount you can set aside for Christmas if you start saving on 1 March
Weekly savingsChristmas pot
£5£214
£10£427
£15£641
£20£854
£30£1,281
£50£2,136
Chart showing how much you can save for Christmas if you start saving in March

Christmas money if you start saving in April

Amount you can set aside for Christmas if you start saving on 1 April
Weekly savingsChristmas pot
£5£191
£10£383
£15£574
£20£766
£30£1,149
£50£1,914
Chart showing how much you can save for Christmas if you start saving in April

Christmas money if you start saving in May

Amount you can set aside for Christmas if you start saving on 1 May
Weekly savingsChristmas pot
£5£170
£10£340
£15£510
£20£680
£30£1,020
£50£1,700
Chart showing how much you can save for Christmas if you start saving in May

Christmas money if you start saving in June

Amount you can set aside for Christmas if you start saving on 1 June
Weekly savingsChristmas pot
£5£148
£10£296
£15£444
£20£591
£30£887
£50£1,479
Chart showing how much you can save for Christmas if you start saving in June

Christmas money if you start saving in July

Amount you can set aside for Christmas if you start saving on 1 July
Weekly savingsChristmas pot
£5£126
£10£253
£15£379
£20£506
£30£759
£50£1,264
Chart showing how much you can save for Christmas if you start saving in July

Christmas money if you start saving in August

Amount you can set aside for Christmas if you start saving on 1 August
Weekly savingsChristmas pot
£5£104
£10£209
£15£313
£20£417
£30£626
£50£1,043
Chart showing how much you can save for Christmas if you start saving in August

Christmas money if you start saving in September

Amount you can set aside for Christmas if you start saving on 1 September
Weekly savingsChristmas pot
£5£82
£10£164
£15£246
£20£329
£30£493
£50£821
Chart showing how much you can save for Christmas if you start saving in September

Christmas money if you start saving in October

Amount you can set aside for Christmas if you start saving on 1 October
Weekly savingsChristmas pot
£5£61
£10£121
£15£182
£20£243
£30£364
£50£607
Chart showing how much you can save for Christmas if you start saving in October

Christmas money if you start saving in November

Amount you can set aside for Christmas if you start saving on 1 November
Weekly savingsChristmas pot
£5£39
£10£77
£15£116
£20£154
£30£231
£50£386
Chart showing how much you can save for Christmas if you start saving in November
Erin Yurday

Erin Yurday is the CEO, Co-founder and Editor of NimbleFins. Prior to NimbleFins, she worked as an investment professional and as the finance expert in Stanford University's Graduate School of Business case writing team. Read more on LinkedIn.

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