With the kids demanding more expensive Christmas presents, it's easy to spend a fortune. Here's how to spend less on Christmas 2011.
It’s that time of the year again when we succumb to temporary madness. Even the cold spell and snow has not stopped the annual stampede to the shops for Christmas present buying.
You’ve bought a present for little Tommy’s teacher, the neighbour’s cat, the window cleaner and even Fido the dog has a bag of treats and a new diamond-encrusted collar.
The kids’ “I need” list to Santa seems to get longer each year.
Have all your good intentions not to spend as much this year gone out of the window?
Children now want the latest technology, so it’s no surprise if they ask Santa for a PlayStation 3, an iPad or a smartphone. Most parents want to make Christmas extra special for their children and they are under pressure to fork out.
In days gone by, the Christmas stocking was usually filled with an apple, an orange and a few nuts. Even our generation know that Christmas was not about expensive presents, more about small gifts under the tree.
We get caught up in the commercialism of Christmas and forget that one of the most important things is spending quality time with family and loved ones.
Overall spending is forecast to leap £3.8bn from last year and only 14% of households say that their Christmas spending will be funded with money saved specifically for Christmas.
And despite tough economic times, Credit Action says that 1 in 10 parents will spend over £250 on their children this Christmas, with an average spend of £136 per child. 30% of parents feel pressurised to spend more than they can afford, and 28% say this level of spending will leave them in debt.
Back to Basics?
In this current economic climate, maybe an old fashioned view of Christmas and a more simple approach is more appropriate.
For tips on spending, read 7 steps to make Christmas easier on your wallet and check out lovemoney’s Frugal Christmas special. Don’t forget to also look through the Make your money go further archive for some fantastic tips and tricks to utilise during the Christmas period.
Have you already gone over your budget to give your loved ones a perfect Christmas? Or alternatively, are you with the other 300,000 households who, according to Credit Action, have cancelled Christmas altogether?
Let us know your thoughts and experiences; we’d love to hear from you. And if you have already overspent and you think you need debt help get in touch with us.
Our debt advice will assist you in completing a financial statement which includes information on your household, employment, income, expenditure and debts. All this information is used as a basis to determine the options available to you to deal with your situation.