Nearly Half Of Brits Spend More Than They Can Afford At Christmas
Most Brits get so caught up in the excitement of Christmas that they fail to keep an eye on their bank account over the festive season. In fact, nearly half of shoppers spend more than they can afford to please their friends and family during the holiday.
According to findings from TSB, 44 per cent overspend at Christmas, and one in ten admit they live beyond their means during the season.
Indeed, 54 per cent do not set themselves a budget for their festive shopping, and 12 per cent spend too much to keep up with their peers, even if they know their finances will not stretch that far.
TV psychologist Corinne Sweet said: “Psychologically-speaking, the ‘urge to splurge’ is very tempting, especially at this time of year, and when you want to make your loved ones feel you care. No-one wants to be a ‘scrooge’ but the financial headache that follows when the bills come in during the New Year can kill the delight of giving too much.”
To help fund the costs, almost a third borrow money formally, and 19 per cent use their credit card to make payments on Christmas presents.
This comes after retailers saw sales figures surge during the week leading to Black Friday (November 25th), with bargain hunters so eager to get a great deal on goods they ended up spending in abundance.
IMRG estimated sales for the week totalled £6.5 billion in the UK on online purchases only.
One way to cut the costs of Christmas spending is to get gold plating services for antique jewellery instead of buying new pieces of gold. You could revamp family heirlooms for gifts that will be really meaningful on December 25th.