With the average UK family spending around £600 at Christmas time, the winter holiday season certainly does not come cheap. In fact, frugality and financial planning seems to go out of the window at Christmas as most of us focus on enjoying ourselves and making the most of some time off work.
The average cost of Christmas has dwindled significantly since the beginning of the recession though. Back in 2008, it was estimated that UK consumers would spend an average of £655, whereas in 2011 Brits aimed to spend almost £100 less on average (£560).
However, in spite of the recession, almost half of people were not planning to cut back on gift spending in 2011. This trend looks set to repeat itself this year as it emerges that parents are looking to spend an average of £312 per child this Christmas.
This could be attributed partially to the rising cost of gifts: a number of new gadgets have either been recently released (such as the iPhone 5 and the iPad mini) or are in the pipeline, meaning the cost of putting a smile on your child’s face this Christmas could be on the rise.
But gifts are far from being the only large expense at Christmas time. Groceries have not been spared from the recent series of price hikes; record rises in the price of wheat and soya has sent the cost of bird feed soaring – and as the cost of feed makes up two thirds of the overall price of rearing a turkey, farmers have no choice but to pass this increase onto consumers. In addition to festive food and drink, households will also be splashing the cash on decorations, cards and transport to visit relatives.
If you don’t want to get the New Year off to a bad financial start, there are ways of minimising the cost of Christmas. Drawing up and sticking to a budget spreadsheet, as well as organising a secret Santa instead of buying presents for everyone can really make a difference.
However, there is an easier way to go about making savings at Christmas – and that’s by getting hold of an Asda Christmas Savings Card.
Each card allows Asda customers to save up to £144, for which Asda will pay a tiered bonus. Asda will pay a £6 bonus for savings of £144. Asda paid out more than £1 million in bonuses to its customers last year. Don’t miss out – get yourself a Christmas Savings Card today!Back to top