You are here: Home - Saving & Banking - News -

Penny-pinching consumers planning frugal festivities

0
Written by:
03/11/2008

Research from Birmingham Midshires reveals that 78% of Britons are taking sensible steps to make Christmas more affordable this year.

Christmas budgets have fallen by £102 this year, with Britons expecting to pay out £604 on festivities this year, compared with £706 this time last year. But that doesn’t mean that Christmas will be all doom and gloom.

The research points to a revival of money-saving Christmas traditions and Christmas dinner at home. There is also positive news on budgeting for Christmas, with one in four Britons having enough money already saved up to cover 87% the cost of Christmas (£527).

With 78% of Britons taking steps to make Christmas more affordable, the most common ways of cutting back on costs are spending less on gifts, purchasing presents and other festive supplies in advance of December and reusing last year’s Christmas tree.

Tim Hague, director of savings and investments at Birmingham Midshires, said: “The financial climate certainly doesn’t mean that Christmas is cancelled. As our research shows, Britons up and down the country will be cutting back on spending this year without sacrificing on many Christmas treats.

“This could have a very positive effect on New Year finances. Planning for the future and saving early for Christmas means that people will be less likely to suffer a financial hangover come January and could leave many a lot better prepared for 2009.”

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:
Brits opting for green motors

As the nation’s purse strings tighten, Britons buying new cars have lower emission models at the top of their shopping...

Close