Don't Get Mugged By Santa!
Many of you are set to spend over £400 on Christmas presents this year, according to a recent Fool survey.
Many of you are set to spend over £400 on Christmas presents this year, according to a recent Fool survey.
The typical Christmas shopper spends £419 on presents for ten people - that's almost a third of a month's wages for many people.
While, on average, you only spend £27 on each gift, our research shows you often buy more than one present for each of your loved ones.
Some five per cent of Fools questioned said they were even willing to spend a whopping £1,000 or more to really put the magic into Christmas.
To make the most of the festive season, David Kuo points out that we should all try and save the pennies long before Santa pops down the chimney.
He explains: "Spending two per cent of our annual income on one day's jollies can give our finances a proper stuffing unless we have budgeted for it carefully."
Unsurprisingly, those with kids typically spend around £80 more than those without them.
Women in particular are most likely to feel harassed by the demands of the festive season, spending an extra 20 per cent on gifts.
Four out of ten Fools felt that the Christmas message has been lost and all they really want is a family holiday. For many of you, it really is still the thought that counts. One in seven said they would happily give homemade presents, and a third believed Christmas is a time for bringing people together.
David Kuo also points out that if you do end up using credit, don't fall into the trap of buying now and paying through the nose for it later. Otherwise gleeful creditors will become your ghosts of Christmas present and your New Year is likely to be blighted with last season's money worries.
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