Hey, it's Kia and welcome to A Little Bit Richer's very own Christmas special. I know, I know it's still November and I'm mentioning the C word, but part of the secret to a cost- effective Christmas or Hanukkah or just December in general is starting to plan early. It can be the most expensive month of the year. So how do we have a great December while still getting a little bit richer? With me to unpack it all is
Megan Micklewright. Megan was recently named Financial Influencer of the Year 2023, and is the founder of The Savvy Spender, a platform dedicated to financial positivity. Megan, traditionally there's been a lot of pressure to spend at this time of the year, but we are starting to see people approach this differently. How's that?
I think a lot of people are approaching it differently, especially with the cost of living now, being more open with their boundaries, setting limits, thinking outside the box, getting creative with presents, making things homemade, doing more Secret Santa. Instead of buying everybody a gift in the family, they're
passing it forward to charities instead. I was recently just having, well, say recently, earlier, about an hour ago having a conversation with someone about how my partner's family is so big that they don't end up doing presents because it will cost them an absolute fortune. There's about 30, 40 of them and instead they just do a Secret Santa.
So instead of one person buying 39 presents, it's one person buying one present and it's just so much easier on the pocket, isn't it, getting creative with the way you're doing presents instead of just that generic buy- in for everybody?
Absolutely. I think, especially with me and my friends, I think for the past five years we do our own separate Christmas celebrations, but we also do Secret Santa because I think when we were younger we used to think, " Okay, got to buy this person, that person." That list just gets longer and longer.
The list goes on.
And the price just keeps increasing. But now we decide, right, we're going to do the Secret Santa and you get whoever you get and we have a budget, which is very key because you never know who's earning what. So we just all agree a budget and we all stick to that budget and I think it makes things a lot easier and that way you're almost forced to
think more about the gift that you're giving. Especially we've done it where it's only £ 10 pounds is the budget. So now I'm thinking about the person I've got, what would they love that I can buy for them that is within budget or I can make? My friend made me a lovely notebook that I still use to this day. So I think it really does get you thinking whilst
also not breaking the bank, which is really important. So I want to ask you then, Megan, do you have any advice for those who are having a difficult conversations with friends and family and if those people may have different approaches to the holiday season?
I think that a conversation doesn't have to be difficult unless you make it difficult. If you go in and feel awkward about it, it's automatically going to be awkward. Tell people, " I've only got this much to spend," or, " I don't want to spend a lot this Christmas, I've got other priorities." At the end of the day, nobody can tell
you what your priorities should or shouldn't be. So being clear about it, make sure everyone is on the same
page and everyone can respect each other's decisions really. I was speaking to somebody the other day about Christmas and just saying that even with family members that are very traditional in setting their ways, this is how we do things, it's good to open their mind up to new ways and it's not about saying this is the way it's done and that's the way we're doing it this
year. Have a discussion, what do you want to do? What do I want to do? And come into compromises and that way you're all happy.
I love that. I think this has been a running theme on the podcast about having conversations. I think that's the big thing. We don't always talk about money, so sometimes it can feel as though it's hard to tell people, " You know what? I haven't got the money this year. Or actually, can we change what we do this year?" But I think, like you said, open, honest conversations and
it's not as hard as you think it is. It's just as hard as you make it.
Absolutely.
I love that when you said that.
I think with the cost of living as well, the stigma around money conversations is slowly dying because people that never thought they'd be struggling are actually struggling and that's where the stigma's being lost because more and more people are talking about money, which is brilliant really because there should never be a stigma around it.
Exactly. I completely agree with you. Is there a way to have the best of both worlds? So when I say that, I mean is there a way to have a great Christmas while still sticking to your financial goals?
100%, absolutely. You can always have the best of both worlds when it comes to spending money and Christmas. Make sure you've got them budgets in place and stick to them. Talk to yourself, write down in your notes, your notebook, wherever. What's important to you this Christmas? What do you want to tick off? What do you want to do? Do you really need to go out to eat once
a week? Make sure that you're doing what you want to do, ticking them off and your money's going to the important places. That way you are having the best of both worlds. And you can also make sure you're saving money when you are doing those things. Make sure you're using cash back. Make sure you're budgeting for them, book in advance, schedule what you're doing so you can get the most for your money.
I love that. And I especially love when you said reviewing how you're spending. So do you need to go out and eat every week? Because it's something that my friends and I have also been fully aware of because I think you find when you go to meet people, quite often you meet up with friends and then you're going out and before you know it you've spent £ 40 on your bill.
Whereas if you're more aware of it because you want to stick to your financial goals, maybe you say, " You know what? I want to meet up with you, but let's go for a coffee or let's go for a walk instead." And I think that's some of the changes that a lot of people are making. So it's like you don't have to compromise. You can still have, like you said, the good Christmas, but we can also still
100% stick to our financial goals. You don't have to compromise anything.
Definitely. And when you're going out, you don't always have to go to these fancy places. You can go to somewhere that's cheap, that's cheerful, it's good for everybody. And if people are drinking and you're not or they want to have a starter, main, dessert, just open up your separate tab. You don't have to split the bill. And it doesn't have to be an awkward conversation about splitting the
bill. Just say, " Look, I'm not drinking today or I'm only having a small starter so I'm going to open up my own tab." It doesn't have to be a big thing at the end of the meal where you're like, " Oh, someone's getting out the calculator." That bit that everybody dreads. Say at the beginning of the meal, " Right, I'm going to open up my own tab because I'm not
drinking tonight." It doesn't have to be an awkward conversation. It can be really easy, really simple, and that's the best way to keep it.
Yep. I'm 100% behind you on that because I'm someone very much so sometimes we go out and I'm happy to split. Sometimes I'm not hungry and I'll tell my friends or whoever I'm with, " Guys, I'm just going to pay for my one thing because I'm only getting one thing." And I don't feel bad about having that conversation. At least people know now, okay, that's how we're going to split
the bill. Kia's not a part of that. So whatever I get now, I split between whoever's agreed upon it and it makes things easier.
I went for a meal once and I don't drink and everybody was ordering cocktails and it was in a really nice restaurant. They were like £ 12 each. And someone ordered lobster, which of course is very expensive. And I was thinking, I'm not drinking. I had a really cheap main. I am not splitting this bill. And I just said, " I'm going to open up my own tab because I've had a really
cheap main, I'm not drinking." It was like fine. And I think as long as you keep it simple, don't beat around the bush with it. It's absolutely fine, but it's about the conversations you're having and the people you're around. You don't need to spend loads to have a good time.
Exactly. I love Christmas. It brings the spirit. You get to be with your loved ones.
That's it.
My favorite time of the year. Not lying. I love it.
Get out the games, that's what I love.
Yeah. I love the games and the food.
And the food.
All of that. I'm getting excited now. See, I'm getting ahead of myself. Okay, so let's talk about the environment. What is the environmental impact of all of this? How does pulling back on consumerism help?
It helps in so many different ways. The sustainability aspect of it, the amount of things that end up in landfill, the amount of things that end up just cluttering
your own house without talking about the environmental impact. We all end up with so much stuff and we say, " We haven't used that," or, " Why did they buy me that?" I think we've all got a present where we're like, " What am I going to do with this?" And it's being more mindful and thoughtful about the things that you're buying people as well, like you mentioned. If you've got them
budgets, thinking about what does that person really want? And if we're more mindful about it, then we end up buying things that are actually going to be used, which has an impact on our wallets, on the environment, on other people's clutter and decluttering. So it has major impacts in so many different areas.
Absolutely. I think one thing that I also do is I ask people, " What is it that you actually want?" Because think of how many times, I'm sure you've had it, I definitely have had it, where you've received the gift
and you're like, " I cannot stand this. What am I going to do with this?" The person didn't even think about what this gift is, and now you're probably thinking about regifting it or you never use it and it does just kind of clutter up. But I think when you do have that conversation with someone, I mean it's not
spoiling it. You can get people to write on a list. You can pick from that list, so it's still got an air of surprise to it, but then at least you're buying something that that person's going to use or value. Let's talk about gifting then. Does expensive always mean better or are there other approaches that people can take when it comes to gift giving?
Expensive doesn't always mean better. I guess it depends what you're buying, but there's so many alternatives out there now. There's never just one of one product. There's so many different jewelry brands, phone brands, that sort of thing. And there's dupes as well out there now. You can always get a cheaper alternative. So expensive doesn't always mean better. It's different if someone's asked for a specific brand or
something like that. But always make sure you're shopping around, never just take the first price you see because nine times out of 10 it's not the best. And making sure you're looking for discount codes and that sort of stuff, using cashback where possible because if you are making an expensive purchase, you can still get some money back that way.
I love that. Cashback, discount codes, all of those things. So, Megan, it's Black Friday this week and that's a time where some people may be thinking, " I'm going to get all of my Christmas presents on that day because so many deals coming out." So I want to ask you, is it actually a good deal? Should people spend their money and use Black Friday as an opportunity or should people maybe hold back a bit?
I don't think you should hold back, but I also don't think you should rely on it. You've got to remember that these days are put out there for people
to spend. They're not there for people to save. They're there for people to spend and it is a good day to check deals, but purely to check deals and make sure you actually are getting a good deal because sometimes the prices are hiked up in the weeks upcoming so they can be pulled down on that day and actually everyone thinks they're getting a good deal, but it's
not a good deal. So make sure you are shopping around, look and see if you are actually getting a good deal. And also remember it's not a saving if you didn't need it anyway. You're actually just spending. So make sure you stick to your list. Don't just get pulled in to all of these good deals and offers
that you're seeing. Get rid of the triggers if you need to, unsubscribe from them emails, unfollow people on Instagram if you need to. If you're struggling for money especially and you know that you're going to be triggered by Black Friday, get rid of any triggers. You don't need to spend if there's something that you don't need.
I absolutely agree with you. When it comes to Black Friday, I mean, I very rarely shop on those days anyway. Cyber Monday, those kind of days. But when it comes to Black Friday or the lead- up to it, I use price trackers. So certain websites will have a tracker, the big websites, and you can actually say, right, I'm looking at this product and it will track the
price of it. And you can also look at historical prices so you can see was it hiked up like you said the week before and now it's just come back to the original price or is there actually a saving if I wanted to buy it? If you get into that habit, you can definitely make sure you're getting
the best price for anything you're buying, 100%. Finally, Megan, what three tips do you have for our listeners as they look ahead to Christmas to help them get a little bit richer.
I've mentioned it so many times, but the first one is definitely being open and honest. Having them conversations with people around you. Nobody's going to know unless you tell them. You've got to be open and honest. The second one will be never take that first price you see, shop around, make it a habit. Get into the habit of looking for cashback, looking for discount codes, having a
look on even Facebook groups and things like that. And the third one is get a little bit creative. Mine Nan, for example, she's got everything that she needs, absolutely everything that she needs. And I know that whatever I buy her, she's not going to use. So I get creative.
I make her hampers. I buy her experiences instead. And that can be a lot more thoughtful for the person that you're buying for, but also be a bit easier on your pocket as well.
I love that. That is so thoughtful. Yeah, it makes you really think about what the person would value. Megan, thank you so much. This has been a great episode and really gotten us into the Christmas spirit.
I'm feeling Christmassy.
I'm feeling Christmassy. I'm ready. I'm ready for Christmas.
I'm ready to go Christmas shopping now.
I'm ready for everything. I'm ready to look at the food, everything.
I'm ready for the food.
We're getting too excited. We're getting too excited.
Let's not buy presents and let's just buy food.
Buy food. I'm with you on that, honestly. Thank you so much.
Thank you.
This has been a great episode. Next week I'm returning to a topic we looked at earlier in the series, house buying. I want to focus specifically on the cost of buying your first home and how to save. And don't worry, the words avocado on toast are officially banned. I promise. But while you wait, you know the drill, hit follow and leave a review. Happy Christmas.