Lifestyle

Christmas on a budget: cutting festive costs in your new Shared Ownership home

1 December 2025

After moving into your new Shared Ownership home, you might find yourself a little more budget-conscious than usual. While the deposit for a Shared Ownership property is often lower than most, and your monthly rent payments will typically be less than renting privately, it’s natural to feel the squeeze. 

Buying a home – even a Shared Ownership home – comes with a number of costs that will impact your spending habits. And in the run up to Christmas, everybody becomes wary about spending more than they need to – with UK households expected to spend £1,626 on Christmas this year. 

To help, we’ve pulled together some top tips and low-cost Christmas ideas that will help you to enjoy the festive season in your new Shared Ownership home without breaking the bank.

Cutting the cost of Christmas

First up, let’s focus specifically on spending. These tips should help you to budget effectively in the run-up to Christmas Day, and avoid unnecessary expenditure that could be better used elsewhere. 

Start with a budget

The easiest way to stick to a budget is to create one in the first place. Work out what you and your family are comfortable spending this year, and stick to it as closely as possible. 

This will ideally include presents, decorations, days out, and everything else that drains our wallets during the last few months of the year. 

You likely worked with a budget planner during the purchase of your Shared Ownership home, so this process should be familiar. Don’t feel obliged to spend more than you’re comfortable with!

Stay second-hand

Whether you’re buying decorations to add festive magic to your new home, or looking for the perfect present for that special someone, don’t be afraid to look on sites like eBay or in charity shops to avoid paying premium prices. 

Often, you’ll be able to find barely-used items for a fraction of their usual cost, which can be really handy if you have lots of people to buy for, or have been searching for something unusual that costs a little too much when purchased brand-new. 

Keep kids entertained for less

It’s tempting to visit pricey Christmas markets as a family in the lead up to the big day, but while many of these are free to browse, the cost of gifts, food and drink from these events climbs higher every year. 

Instead, venture out from your new Shared Ownership home and try some cost-effective festive fun that won’t break the bank. This could include: 

• Walking around the neighbourhood to see Christmas lights at night
• Building a gingerbread house and decorating it to look like your new home
• Creating homemade decorations for the Christmas tree, which can be brought out each year

Christmas food on a budget

Food and drinks are an unavoidable cost of Christmas that seems to be creeping up every year. In 2024, it was reported that the cost of a UK Christmas dinner rose 6.5% to £32.57 for a festive meal for four – with turkey costs alone up 8.5% on the previous year. 

So, how do you feed your guests for less when they visit your new Shared Ownership home this Christmas? 

Downshift your dinner

Buying expensive doesn’t necessarily mean buying the best. In fact, recent consumer studies have shown that shoppers often prefer own-brand goods in blind tests when compared to branded products. 

If you’re looking to cut down food costs, going own-brand – also known as ‘downshifting’ your shopping – can be a great way to start. Products such as Aldi’s Norpak spread are over 50% cheaper than the branded Lurpak alternative, for example (and favoured by 75% of respondents in a Which study!).  

Dive into deals

If you’re stocking up on prosecco or wine for Christmas, make sure to keep an eye out for Christmas deals that many supermarkets will put on in the run-up to the big day. The big chains will often have discounts on particular crates of alcohol, and it’s worth shopping around before you stock up your new cupboards during December. 

Gift-giving for less

Christmas presents can be one of the most expensive parts of the entire festive season. According to the Bank of England, the average UK household spent £2,460 on Christmas gifts in 2024 – a figure that’s much higher than what most will pay for monthly mortgage and rent costs in a Shared Ownership home.  

Here are a few ways to get around going overboard this year: 

Establish who you’re buying for (and who you aren’t) 

Christmas lists can get longer and longer if you’re not careful, and suddenly you can feel obliged to get a special something for somebody you barely know. 

Instead, set some personal boundaries that put your finances first. This might mean just buying for the children in your immediate and extended family, or opting for a Secret Santa game with your friends rather than individual presents for everyone. 

Whatever you choose to do, don’t let anyone else sway your decision. The cost of Christmas is a very personal thing, and it’s up to you to decide how much that will be. 

Embrace traditions, not things

Some people choose to give out certain presents the night before Christmas. If you’ve already purchased a large number of gifts for the big day, this can put even more strain on your finances. 

Instead, why not create a festive tradition free of charge? This might be an evening walk to check out everybody’s Christmas lights, or you could show your kids a favourite Christmas movie while making paper snowflakes to decorate the dinner table.