First of all, everyone at Movehut would like to wish our readers a very Merry Christmas. Despite somewhat brighter economic forecasts over recent months it appears more Britons are worried about the financial hangover of Christmas than last year. According to a survey conducted by Morrisons supermarket, the average family will spend an extra £164.80 this month on festive food, drink and presents.
For the unprepared this is a big jump in monthly outgoings, so how have people been spreading the cost of Christmas?
Well, those with exceptional foresight began their Christmas shopping as soon as last year’s decorations came down the survey found. This canny 7 per cent took advantage of the January sales to stock up on goodies and are no doubt sitting back and feeling smug about it now!
A further 17 per cent say they started saving in January to ensure their families don’t go short and one in ten of us began our planning back in September. However 32 per cent admit they are worried they haven’t got enough to cover the cost of Christmas.
Some have resorted to borrowing money to fund the festive fun and will spend, on average, 15 weeks of the New Year paying the price. Another 13 per cent have been forced to sell items in order to raise money, while 11 per cent have been working overtime or taken on extra work in to avoid debt.
Almost a quarter of those surveyed said they had cut costs by turning to cheaper food, like supermarket own brands, this year. However 66 per cent insisted they would never scrimp on gifts for the family whatever the cost.
Christmas dinner is another tradition the majority are reluctant to forego. 54 per cent said they would not give this up while another 11 per cent confessed they had bought presents for their pets despite worries about money.
For those who have been savvy with their money all that’s left is to enjoy the festivities. However, for others, it’s a case smiling now and paying later.
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