28th August 2015
Summer may not be over yet but one bank is urging Britons to start thinking about Christmas already.
Halifax is already starting to think about the festive season and with just 17 weeks to go until Christmas, is encouraging people to start saving around @28 a week to cover the costs. This equates to £120 a month between now and 25 December.
The average person spent around £469 on Christmas last year, including all spending on gifts, food, drink and socialising. One in four Christmas spenders admitted they had spent more than they did the previous year to the tune of £110.
Although Halifax said £28 a week may seem like a lot for many people, just saving £9 a week throughout the year should provide enough savings to cover all festive spending.
Just over a quarter, 27%, of people still had Christmas payments outstanding at the start of February this year and the Christmas hangover was expected to drag on until April on average.
A third of these consumers were worried they may need to make cut backs on non-essential spending to pay for the cost of previous Christmas. Another one in 10 fearer they would be unable to afford their utility bills and another 13% said they may have to forego a holiday as a result of Christmas spending.
Only 36% of people said they save specifically for Christmas but the majority, 61%, fund some of their Christmas spending through their salary and a third rely on a form of credit.
Giles Martin, head of Halifax Savings, said: ‘While Christmas is unlikely to be at the top of people’s priorities as they return from their summer holidays, with the cost of the festive season nearing £500 and the hangover stretching for some into April, it’s never to early to think about how you will pay for it.
‘Christmas can put real pressure on people’s finances, but putting money aside each month can really help to spread the cost. If you can afford to save regularly then the earlier you start the less you need to find each month.’