Q Do savings schemes for Christmas still exist and are they any good or should I pick a regular savings account instead?

A Accounts that are specifically designed to mature just before Christmas may seem like a good idea and in truth can be useful as long as they offer a decent interest rate.

However, currently there aren’t any Christmas-branded accounts that are available to open, that we are aware of, but that may be because we are closing in on Christmas once again, so it’s not an ideal time to start a regular savings account.

But regular savings accounts are useful for getting you into the savings habit. So, if you are looking to put some money away every month, perhaps just after you’ve been paid, a regular savings account could be just what you are looking for, even if it is not   a Christmas account.

These accounts help to get you in the savings habit as they often require you to make a minimum deposit each month but may restrict the access, so it’s important to read the terms and conditions thoroughly.

You may not be able to access the money for the first 12 months, for example, so an account with these restrictions wouldn’t work if you need to withdraw the money in December.

Virgin Money has recently released a Regular Saver Exclusive Account paying 10.38% AER, but as the name suggests, you need to have or open a current account with Virgin Money or its parent company Yorkshire Bank.

However, if you do qualify, this is the best paying account on the market. You can pay up to £250 into the account each month, but you can vary the amount you save and better still, you can have access at any time, so it would be appropriate for saving for this Christmas.

As I inferred, regular savings accounts come with lots of terms and conditions and the best rates often require you to have a current account with that provider. If these don’t seem to be the right fit, you can open a more flexible easy access account, but the rates are not nearly as high.

Whatever you choose, while you should always go for the highest rate, anything you can put away will make all the difference.

Anna is the co-founder of the website Savings Champion. She has worked in the financial services industry for more than 30 years and for most of that time has been helping people to make the most of their savings. Anna started her career with Chase de Vere, in its innovative Moneyline department, a free savings information service that became as popular with personal finance journalists as it was with savers. Anna believes passionately that savings advice is a neglected part of the financial services sector and that the needs of savers are largely ignored by the savings product providers and the government. Anna is a regular contributor to the BBC’s Money Box, Breakfast and News programs, as well as the national press, providing expert analysis and commentary on the UK savings market.

Photo credits: Pexels

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I know there is always a huge collective groan whenever I mention Christmas during the Summer, but it is coming! 

Christmas is said to be the most wonderful time of the year, but not if you are broke. Last year the Independent predicted that the average UK family would spend around £1800 on gifts, food, entertainment and decorations.

It must be planned and saved for when you are on a budget. You still have time to increase your Christmas savings pot and help remove some of the financial anxiety of the festive season. With this in mind, I have compiled a list of eight quick moneymakers to put towards your Christmas spending.

1# Get paid to walk your dog

Biscuit is a great little app that allows you to earn vouchers and discounts from various retailers, simply for walking your dog. 

You need to input your dog’s microchip details, and then remember to switch on the app at the start of each walk. When you walk every day, it doesn’t take long to gather ‘biscuits’, which can be converted to money in the form of vouchers.

So far, I have earned £40 of M&S vouchers, but I could have chosen vouchers to spend at Caffe Nero, Costa or various restaurants, or taken advantage of discounts on dog training, treats or pet-sitting.

2# Host language students

If you have a spare room some of the time, hosting language students from around the world is an interesting way to make extra cash and learn about other cultures.

English UK says you can earn up to £250 a week hosting students, but it will depend on where you live. This was my favourite side hustle for several years, and you can read my experience and tips on how to do it here.

3# Airbnb

Another way to make money from your spare room is to join Airbnb as a host. You don’t have to live in a palace with a pool. A clean room with a comfy bed in a family home can do well, too. You can find guidance on becoming an Airbnb host here. 

4# Sell your old clothing

You can sell unwanted clothing and homewares easily on the Vinted app for free, so why not have a wardrobe declutter?

To compete, eBay has also removed fees for clothing, but they still charge selling fees on footwear, accessories and anything else from your home, so bear this in mind when setting your prices.

5# Make money on books and media

There are many companies that will buy your old books, DVDs, CDs and games. The most well-known are probably Ziffit, Music Magpie, WeBuyBooks and AbeBooks, although there are others. They buy to sell on, and therefore you may get a very low price, but this adds up if you have a few to sell.

Items with a potentially higher value may be better sold individually, such as textbooks, first editions, signed or out of print books, and vintage games. Check what people are asking (as well as sold prices) on eBay or Amazon. Bear in mind the fees you will be charged and the cost of the postage.

6# Use cashback on every purchase

Sign up for cashback sites like TopCashback or Quidco to make money back on your online purchases.

Retailers pay these sites to drive traffic to them, and they pass some of that to you. It soon adds up and you can cash out straight to your bank account.

7# Rent out your driveway

If you live in a busy town or city, especially if you are near a station, airport or city centre, you can make money by renting out your driveway or parking space. If it sits empty all day whilst you are at work, it requires little effort. 

A quick internet search will give you a list of sites to help you rent a parking space, such as JustPark, Your Parking Space or Park On My Drive.

8# Switch banks

Many banks offer cash incentives of potentially hundreds of pounds for you to switch to them. These deals change frequently, so research the best current switching deals before making a move.

Check cashback sites too, as signing up via one of these then switching could net you some money back on top of the bank’s incentive. Be aware that you will be credit checked when you apply.

Final thoughts

Obviously, this is not a comprehensive list of quick moneymakers, but hopefully these ideas will get you started.

Make sure you keep your Christmas savings pot separate, so you aren’t tempted to dip in. Ideally, pay a small amount in every month throughout the year as soon as you get paid, then add any extra earnings on top. It soon adds up!

Being financially prepared for Christmas will help ease your financial anxiety and help prevent starting the new year with debt.

The post Eight money makers to put towards your Christmas spending  appeared first on Mouthy Money.

Although Christmas is the time of giving – it doesn’t need to be a day to splurge on presents that won’t be used.

There are a lot of gift ideas that not only will be good for your wallet, but might actually save THEM money in the long run too.

These are classed as money saving gadget gifts, and there are a few options out there to give the gift of making their bills a little bit cheaper.

Here are some options for you, and what they cost.

Airfryer

Airfryers are one of the hottest sellers right now, and it’s easy to see why. It’s fast and more convenient cooking, as you don’t need to wait for it to preheat, and cooking times are much shorter.

It’s been claimed that air fryers use 80% less energy than conventional ovens when cooking the same food – so you’ll be saving some money on your energy bills.

They can range in cost from around £50 up to £300 for the top of the range models. Finding stock of decent airfryers has been difficult, but you can still find some.

Find an Airfryer here

Dyson Hot & Cold (Or Heater)

It’s costing more and more to heat your home, so you could save someone a little bit of money by getting them a room heater.

You can find things like the Dyson Hot & Cool, which heat rooms, cool them down and purify the air all in one.

Some are so powerful, that they can heat rooms in a few minutes, without the need for turning the heating on. With heating bills so high recently, it could mean a decent saving.

The Dyson model will set you back over £500, but there are some cheaper alternatives with blameless technology for around £150.

Find a 3 in 1 fan heater here

Ionic shower head

If shower time is something your loved ones love the most, this might be a good present for their long showers.

There are shower heads available to purchase that reduce the amount of water that is used per shower, but without decreasing the water pressure.

It claims to use 50% less water, which should decrease your water bills from showers by a fair chunk.

You can get them for around £10-15, so it’s a much more affordable present or stocking filler.

Find an Ionic Shower Head here

Smart plug

Smart plugs have been a growing trend, and it’s easy to see why. They’re handy to have, switching on or off your electricals at the touch of a button.

Having ‘vampire’ plugs in your home which are always on, may add £10s or £100s to your energy bills each year, so having a smart plug can cut back your costs.

You can also use them to turn lights on when you’re away from home, so that it doesn’t look like there’s nobody home.

There’s available for around £5-10 each, or you can get a pack of 2-3 for around £20.

Get some smart plugs here

Phillips hue bulbs

Having LED bulbs throughout your house should save you a bit of money on your bills.

The Phillips Hue Bulbs take the boring lighting a bit further, with the ability to change colour to what you’d like.

It’ll still be cost effective, but gives the room a bit of pizazz at the same time.

They aren’t the cheapest for lightbulbs, where you could pay £20+ each for them, but it will be better for energy, and should make things nicer.

Find some Phillips hue bulbs here.

Fresh & Save by Zwilling

Food wastage can be a big problem that sends £100s down the drain each year. You can however buy Tupperware that keeps food fresher for longer.

Zwilling allows you to secure food in vacuum sealed containers, and can be used on everything from cheese, to fruit and even meals that you’ve pre prepared.

If you’re able to eat more of the food that you buy because it’s not going off, you’ll be saving money and saving food from going to waste.

You can pick up a multipack of containers, including glass dishes and plastic for £60+. It might be a big outlay, but save a few meals from being wasted, and it’s a good investment.

Find the Fresh & Save here

These are just a few money saving gadgets, that could make a great gift. There should be something to suit everyone’s budget, and over time will help their wallet too.

It’s likely there are other products that didn’t make our list. If there’s a money saving gadget that you recommend, be sure to leave it in the comments below.

Photo by Kalisha Ocheni on Unsplash

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