The total cost of Christmas including presents, food, hosting and celebrations, will reach an estimated average of £904 per adult this December, according to a report by American Express.

Nearly 60% of British adults are hoping to keep costs on par with previous years, while a quarter of Brits will aim to cut this year’s spend by an average £170.

A third of Brits said they have agreed a spending cap on present buying and 31% will take advantage of retailer offers such as ‘buy one get one free’ offers.

Other money saving tactics include shopping around for the best deals and buying presents for children only and not adults.

The report found that while many people try to budget ahead of Christmas, the ‘hidden extras’ end up forcing Brits to go over their set limits.

For the majority of people, festive “trimmings” such as drinks with friends (48%), stocking up the fridge for unexpected visitors (38%), going to Christmas parties (33%) and buying new decorations (32%) are just some of the indulgences that will empty the Christmas coffers by an average of £306, accounting for over a third of the £904 Christmas spend.