Struggling with post-Christmas finances – Octopus Money’s Mooka Maboshe reveals a simple, effective way to save for next year’s holidays without the stress or overspending
As the end of the year approaches, you will feel the after-effects of Christmas spending. The festive season, while joyful, often leaves many with a financial headaches that can linger for months. But according to Mooka Maboshe, a money coach at Octopus Money, there’s a simple, yet effective way to ensure that 2025 is your best year for saving.
The secret? Starting early and being intentional with your savings—especially by setting up a “festive fund.”
Why a festive fund?
Christmas can be a major tipping point for your finances, particularly with the added costs of gifts, food, and last-minute celebrations. It’s easy to overspend. However, with the right planning, you can avoid the annual post-holiday scramble and the temptation to rely on credit cards or loans come December. By setting up a festive fund early, you’ll be well-prepared for next year’s holiday season without feeling the strain.
Set up your festive fund
The idea is simple: set aside a small amount each month, starting in January. Even putting away £10 or £20 a month can add up significantly by the time Christmas rolls around. By making this a regular habit, you won’t feel the pinch of overspending when the festive season arrives. Maboshe recommends setting up an automatic transfer to your festive fund every payday, treating it like any other essential bill.
Plan ahead
The earlier you start saving, the less stressful the holiday season becomes. Starting small means you won’t be scrambling to find cash in the run-up to Christmas. Maboshe points out that even saving £15 per month can give you £180 by December—enough to cover gifts, food, or other seasonal expenses.
Other ways to boost your savings
In addition to setting up a festive fund, it’s a good idea to review your overall spending habits throughout the year. Maboshe suggests going over your bank statements to see where your money is going and identifying areas to cut back. Could you cancel subscriptions you no longer use? Swap to a cheaper mobile plan? Or reduce small daily expenses like takeaway coffee? Saving money here can mean more for your holiday pots.
Christmas doesn’t need to leave you financially drained. By starting to save now, you’ll ensure a stress-free holiday season without the worry of overspending or being caught short in January. Whether it’s £10 or £50 a month, the key is consistency.
