New research from National Savings & Investment’s (NS&I) shows that three-fifths of Britons will be more imaginative with their Christmas spending this year in order to save cash.
Just as Which? dishes up the seven best ways to cut the cost of Christmas dinner, 61% of the British population are said to be planning a ‘resourceful Christmas’ to limit themselves against potential New Year debt. The research shows that Brits believe they could cut their Christmas spending by an average of £108.61 – trimming predicted Christmas costs by around 20%.
A spokesman for NS&I said: ‘With all the additional costs incurred during the festive period, setting a plan and budget in the run-up to Christmas is especially important. Shopping smarter or setting a spending limit can ensure you still have a merry Christmas without a financial hangover.’
Cutting Christmas costs creatively
Among the ways people are planning to save on Christmas, a third (34%) are going to make presents, decorations and cards themselves, while 13% won’t be buying any of these at all. A hefty two thirds (65%) have agreed with their family to buy fewer gifts this year, and 68% have agreed a spending limit with family and friends this season.
The younger generations are revealed as the most financially savvy, with 16-24 year olds being the most resourceful of all age groups.
For lots more Christmas savings tips ranging from how to use cashback credit cards to which Christmas puddings are the best value this year, check the Which? guide to Ways to save on Christmas.
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