Christmas is an expensive time of year for everyone, and with the country in recession, and interest rates at an all time low, Christmas 2020 will be putting more pressure on shoppers than ever before. But there are ways that you can save money on your christmas shopping.
Firstly it’s important to shop smart and shop safe. As more of us are forced into the online arena for our christmas gifts this year, so too are the thousands of scammers waiting to rob you of your cash. There are several ways to make your online shopping experience safer including paying by card. This is especially true of Credit Card purchases which are protected by the Consumer Credit Act in case your item fails to show up or is in any way faulty when it does. Your credit card provider will refund you in these instances but this is only relevant for items that are over £100.
For purchases under £100 you can still get some level of protection via your bank card using chargeback. With chargeback your bank can request the money back from the retailers bank. Visa, Mastercard and American Express all accept chargeback requests from their customers. Of course you should approach the retailer first and request a refund before involving the banks.
Remember that if you pay via electronic wallet such as PayPal or bank transfer you will waive your right to this level of protection. Whilst we are all looking for bargains and may be veering away from the high street brands in order to source better prices, it is prudent to ensure that none of your shopping falls prey to scammers.
Another great way to look after the pennies is to source vouchers for the items you wish to buy, especially big ticket items. Look for promotional codes before checking out and make sure you check websites such as vouchercodes.co.uk and myvouchercodes.co.uk for substantial discounts.
An amazing low cost Christmas gift idea?
Why not try a Junior ISA which is an ISA you can open for your child (or grandchild) with companies such as Interactive Investor?
Peter Field is a financial analyst and has written for InvestingReviews.co.uk covering topics from pensions, savings, investments and ISAs. His knowledge of the Investment market has proven invaluable, making his unbiased views and opinions open and honest for everyone. In 2021 Peter retired and is working towards enjoying more of the outdoors with his beloved labrador Millie.