Silversurfer Today reports that 2 in 5 people have not put
regular savings aside to pay for Christmas, according to research carried out by Barclaycard.
The research finds that older does not necessarily mean wiser when it comes to responsible spending, as exactly half of those that are over 55 years old have not saved at all. This is compared to a significantly fewer number (37%) of those aged 18 to 34 years old.
While one third of Britons confessed to not being able to pay for bills in January as a result of overspending during the festive period last year, the majority of us (54%) still plan to spend the same amount on Christmas food and drink as we did last year and one in ten (7%) of people plan to spend more on Christmas parties and going out than in 2010.
The research also found that 32% of people use discount vouchers to save for Christmas, 22%
save money by turning down the heating and 6% sell unwanted presents to help fund this year's spending. The most popular way to save money though is to remove extended family members and friends from the present buying list. Others try to boost their
savings account and transfer money across to their current account for the festive season.
Gillian Guy, Chief Executive, Citizens Advice, said: "Much like that unwanted woolly jumper the results of your seasonal spending can stay with you for longer than you might like. Every January our bureaux see the result of this with a spike in inquiries from people who are struggling to keep on top of bills and debts due to overspending throughout the festive period.
"For anyone who does run into difficulty our advice is always to seek help as soon as possible so you can get your finances back on track and avoid spending next Christmas worried about your money."
Top tips to keep Christmas spending under control :
- Plan ahead - a bit late for this christmas, but start thinking about next year in January.
- Don't forget the the regular bills have to be paid too.
- Shop around to get the best deals.
- Resist the temptation to buy cheap from unauthorised traders.
- Read the small print and check for hidden extras in any credit agreement.
- Ensure credit cards, loan agreements etc are paid on time to avoid extra charges.
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