We all know that Christmas is a time for spreading joy, but it appears that a lot of Brits cause themselves financial pain while doing so. But why all the fuss – are we worried we’ll look like a penny-pincher?
A new survey published by Bespoke Offers suggests that nearly half of us will exceed our present-buying budgets by at least £70.
It also revealed we give more presents than we receive. Figures show we are likely to buy 18 gifts, while only getting nine back in return. This comes as no surprise when you’re buying for children, but when we’re spending £324 on these presents are we taking Christmas gifts too far?
Over-spending on presents
Then there’s the rest of the Christmas spending. Research by Money Advice Service has revealed that the average Brit will spend more than £530 on Christmas celebrations this year, and that millions will turn to payday loans in order to fund it.
I know we’re in the season of goodwill and generosity, but why are we getting ourselves into serious debt to fund it?
I think a lot of this is to avoid being seen as a Scrooge by friends and family. It’s always a bit awkward when a loved one gets you a gift that’s clearly pricier than the one you bought them.But come January, does it even matter?
How to grab a festive bargain
If you’re trying to spend a little less this Christmas, you could look at earning some cashback. Brushing up on your options is a good place start and can help you make the most of your Christmas shopping and Cyber Monday sales.
Making sure you spend wisely is just as important. Don’t fall into the trap of buying something only to realise that another model is just as good for half the price. Our Christmas Hub should help with this, as it suggests dozens of gifts that have survived our tests while also not breaking the bank.
How much money are you planning to spend this Christmas? Do you have any tips to ensure you won’t break your budget?
Do you set yourself a Christmas spending budget?
No - Christmas is for generosity (44%, 143 Votes)
Yes - but I always end up going over (31%, 101 Votes)
Yes - and I always stick to it (26%, 84 Votes)
Total Voters: 328