You are here: Home - Credit Cards & Loans -

Parents scrimp on essentials to pay for Christmas

0
Written by:
20/11/2012
Parents are cutting back on everyday essentials so that they can give their kids the perfect Christmas with all the trimmings, according to a new report.

New research from Asda Money found that generous parents will be buying their children an average of seven presents each, despite over one in six not being sure as to how they are going to pay for their family Christmas or will delay paying for it until the New Year.

As parents aim to make Christmas as magical as possible, they are having to scrimp and save elsewhere.

Parents will be cutting back on essentials to help meet the cost of Christmas with over a third (37%) saying they will be cutting back on clothes for themselves.

Other cut backs include 14% of parents rationing fuel spend and over a third (35%) sacrificing days out with their families.

Eating out and spend on utility and TV bills are the household ‘essentials’ that families will also be spending less on in order to surround the Christmas tree with gifts this year.

Kirsty Ward, head of Asda Money, said: ‘It is no surprise that mums and dads want to give their kids the best Christmas possible, however they need to be careful that spoiling the little ones doesn’t push their finances too far.

“It’s easy to get carried away when spending on your loved ones but parents need to make sure they have budgeted properly for the festive season.”

‘’We all love to spoil our kids but parents need to make sure that they are helping themselves as much as possible so that Christmas isn’t too much of a strain.”

Parents will also be using voucher codes, in store offers and promotions to help their money go further.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2225977-gashob
3.4m UK households owed help with energy bills

One in 10 UK households is eligible for help with their energy costs according to a new campaign urging Brits...

Close