Summer spending over? Start saving for Christmas

Photo: Tax Credits

With the summer spending season now over, Brits are being advised to start saving for the Christmas holidays.

With fewer than 17 weeks to go until the season hits, those who haven’t already started to put money aside for the festive period should start saving £28 a week, according to the latest research from Halifax.

The lender’s data shows that the average person spent around £469 on Christmaslastyear, including gifts, food, drink and social events. One in four admitted to spending more than the previous year, while others just under a third said they have overspent.

To cover the festive hangover that usually follows in January, Halifax says that even £9 a week put aside now would help to solve the problem and meet the basic expenses.

Indeed, one in four consumers surveyed (27 per cent) still had Christmas payments outstanding at the start of February this year, and of these, the Christmas hangover was expected to drag through to April on average. Meanwhile around a third (30 per cent) of these consumers were concerned that they may need to make cut backs on non-essential spending to pay for the cost of the previous Christmas.

Just over a third (36 per cent) of festive spenders surveyed save specifically for Christmas, but the majority (61 per cent) fund some of their Christmas spending through their salary, and around a third (31 per cent) also rely on a form of credit, with credit cards (26 per cent) the most popular choice.