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The mince pies have started to appear in shops and emails reminding us to book that festive party are clogging up inboxes across the country. We hate to say it, but Christmas is rapidly approaching – and that means you need to start making sure your savings pot can cope with it!
Research from Halifax shows that consumers are set to spend more than £20 billion on Christmas this year, and it isn't hard to see how the cost can ramp up. Last year, Brits spent an average of £452.41 each – a figure which rises to £589.28 among parents – and 18% think they'll spend more than they did last year.
One in 10 (12%) admit having splashed out at least £1,000 on the big day in the past, so it's little wonder that 16% say it takes them up to a year to pay off the cost of Christmas, while 23% admitted they worry about their Christmas spending.
It's a huge sum of money that could be difficult to save for, but of course, saving will always be the way to go – Halifax's calculations show that you'd need to save £41 a week from now on if you're to comfortably cover the cost of the average Christmas, so if you've yet to do so, it's time to get saving!
"Although it feels like summer has only just passed, it's not long until the festive period, and some shops are already starting to sell festive stock," said Giles Martin, head of Savings at Halifax. "To avoid a bill shock, it's worth starting to save now to spread the cost over several months. It's reassuring to see that one in 10 of us already do this, and save through the year or use a savings account to save up for big events such as Christmas."
Here are a few top tips to help you save for Christmas, and hopefully, they could mean you're not struggling to cover the cost:
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