Sponsored Post

The average UK household is estimated to spend an average of £753 on the festive season this year.

This is according a survey carried out by Family Money Magazine. The largest expense was surrounding Christmas presents with the average family spending around £378 on gifts for their loved ones, followed by a festive meal at £183 per family and £109 on entertainment such as going to shows, pantomimes and meals and £83 on home decorations.

Research from Money Advice Trust showed that around 23% of people in the UK felt pressure to spend beyond their means during the holiday season, with 35% of people having to borrow money to fit the bill. 60% of households believed that they could pay for their Christmas expenses within one month and 6% saying it would take as long as 6 months to repay in full.

Many households expressed pressure to overspend by strong advertising campaigns and the growth of discount days like Black Friday and Cyber Monday. This was demonstrated by the average household borrowing more money in 2017, compared to 2014.

Homes celebrating the winter solstice can save money by using the same decorations year-after-year, sharing the budget for a Christmas meal and also creating a secret Santa amongst family members where gifts are limited to £10 or £20 each.

For those planning the big festive meal, they should look for discounts and deals from leading supermarkets, including £20 free offers when you open a new account for online grocery shopping. Also, looking at money saving sites and group buying can significantly help reduce the cost on family outings around Christmas.