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.