How to stay on track of your deposit saving goals this holiday season

Saving for a deposit is already hard enough and it’s especially difficult going into the holiday season. With gifts, parties, and other entertainment commitments packed in a short month, it’s easy to overspend or get into debt during this time of year. In fact, the average adult in the UK buys 32 gifts and spends well over £420 on gifts each year!

Before you throw your saving goals out the window and write off December completely, read on to find out how you can still enjoy all the holiday festivities and not rack up a hefty bill. 

Find out how much you need to save

Set your deposit target today. Not tomorrow, not next week, not after the holidays. It’s easy to procrastinate during this time of year and start fresh in January, but getting started now prevents ‘writing off’ December and spending frivolously. Find out how much you need to reach your ideal budget. If you already have a target, great! Keep reading to find out how to stay on track of your saving progress. 

Choose your events wisely

Instead of saying yes to every single event as you receive the invite (we know, it’s hard to say no!), try to decide which events you must attend. Maybe it’s an office Christmas party, a family gathering, and an outing with friends. Have a clear idea of how many events you are committing to and approximately how much it will cost you so you don’t over commit to every single opportunity that comes up.

Set a budget for gifting

It’s easy to overspend on gifting when a surprise guest shows up or you forget about that one relative who has just come to town (Aunt Jo, who?). Write down everyone you plan on gifting this year and set a budget per person. If you’re early enough, start saving some money aside to build up a Christmas expenses pot. That way, when it comes down to gifting and spending, you’ll have the money set aside already. Even putting away £5 each day starting now, will amount to a spending budget of over £200 before Christmas! 

Get creative

Secret Santa is a great gifting option for groups. Instead of having to purchase a gift for each colleague, family or friend, you would only need to buy one! You can also try your hand at baking and gift cookies, treats, and other holiday sweets to keep the expenses low and still be able to offer a thoughtful gift.

Use apps to keep you on track

There are plenty of handy apps out there that help keep you on track. Apps are a great way to make saving enjoyable and conveniently automated so it doesn’t seem like a chore. Some of our favourites are Plum and Nude!

Think of the long term gains

Don’t lose sight of your deposit saving goal. It can be tempting to ‘treat yourself’ one too many times when individual expenses seem to be a fraction of your saving target. But it all adds up in the end and can put you behind on your savings target. Do you really need to buy a new outfit for every Christmas party?

Maintain a good credit score and don't put yourself in debt!

Christmas spending hangovers come unwelcome in January. Start 2022 strong with a head start on saving over the holidays all thanks to planning and budgeting in advance. Pay off any bills right away and don’t fall behind. This is essential for building up a good credit history and a high credit score so you can access a good mortgage.

Avoid defaults and CCJs at all costs. They take 6 years to be removed from your records!


With these tips, you’ll be sure to spend smart now so you don’t end up paying for it later. That 5% deposit will be within your reach, you’ve got this! 💪

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SSM One Limited (trading as Proportunity Loans) is an intermediary only lender authorised and regulated by the Financial Conduct Authority (with firm reference number 716565). SSM One Limited is registered in the UK at Companies House with reference number 09273700, with its registered office at GG 315, Metal Box Factory, 30 Great Guildford St, London SE1 0HS, United Kingdom.
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