Your web browser is outdated and may be insecure

The RCN recommends using an updated browser such as Microsoft Edge or Google Chrome

RCN Foundation Make a Donation

Opening up about money during the festive season

The RCN Foundation have partnered with debt advice experts PayPlan to provide free advice and support to nurses, midwives and healthcare assistants experiencing hardship. Here, they take a look at the benefits of discussing Christmas spending.

With the cost of living crisis, rising inflation and rising interest rates putting everyone under financial pressures, the festive period is a little more stressful than usual. Here at Payplan, we've found a good way to ease stress when the numbers in your bank account can't be increased.

Our top tip is: talk about it with the people close to you. And reach out for help from services, like us.

Money and Pensions Service research shows that people who talk about money:

  • make better and less risky financial decisions

  • have stronger personal relationships

  • help their children form good lifetime money habits

  • feel less stressed or anxious and more in control

Speaking openly to those around you about money as the holidays approach gives them a chance to open up about their own worries too. This way, you can be mindful of costs whilst planning quality time together.

Data from YouGov detailed that the average person expects to spend £1,108 during the festive period. This represents a rise of over £200 versus the average spend in 2020 (£883). Women report a slightly higher average spend (£1,138) compared to men (£1,079).

The above figures include all six factors of spending during Christmas, which range from presents and gifts, hotel stays, food and drink, travel, social events and personal spending/new clothes.

The biggest cost here is presents and gifts which cost £388 on average last year, down from £408 in 2020.

How can I keep my Christmas costs down?

It's good to resist Christmas deals you haven't budgeted for. Instead, plan what works for you. Explore cashback and loyalty card points to make savings on the food shopping. Loyalty cards also help you access deals year-round.

Secret Santa gift-giving is a brilliant way to share festive cheer with your family, without adding financial anxiety into the mix.

Time off over the Christmas period is ultimately an opportunity to enjoy the company of friends and family. Enjoy a scenic walk together, play a board game, or have neighbours round for tea and biscuits. Big sums of money have little to do with time that your loved ones will treasure.

A recent shopping trend named 12 Days of Christmas asks shoppers to consider what they’re buying, and ask themselves if a purchase holds any value or use after the Christmas period. This could be one way to ensure you’re thinking about what you’re spending your money on.

Talking about money with those around you, especially at this time of year, helps to remove stigma. It also helps us build financial confidence in handling whatever 2023 will throws our way!

Finally, if you’re worried about debts this Christmas, remember you’re not alone – and you can always talk to us.

At PayPlan, we’re specialists in finding solutions for people with multiple debts, and over the past 30 years, we’ve helped over one million people take control of their finances. Get in touch by calling 0800 072 1206 or visiting www.payplan.com/rcnfoundation.