CREDIT CARDS

Four out of ten people fail to set a Christmas budget

Whilst times are tough financially, when it comes to Christmas all budgeting sense seems to go out the window.

The latest research from M&S money found that 39% of Brits don’t set a budget for their Christmas shopping. Out of those who do, 46% confess that they fail to stick to it.

Around six out of 10 shoppers do plan to make a list before hitting the shops. However, 51% of list-makers admit that they don’t follow it. The research found that men embrace spontaneity more than women when it comes to Christmas shopping, and only half of men make a shopping list.

As well as a lack of budgeting, 49% of shoppers also don’t have any savings put away especially for Christmas shopping. Only one in 10 will save throughout the entire year to tackle the ‘hiked up’ Christmas goods.

Pre-emptive shoppers make up the one in 20 who will start their Christmas shopping in the January sales, 12 months in advance.

A third of consumers will hit the shops 1 month before the big day and a quarter will start two months before. The last minute rush to buy presents is felt by just 5% of the nation, who leave their Christmas shopping until the week before.  A risky 1% of shoppers will even leave it to the day before to buy Christmas gifts.

Paul Stokes, Savings and Investments, M&S Money, said; “The earlier you can plan ahead for Christmas the better, particularly when it comes to saving, but it's never too late to make a budget to help with your finances over the festive period - a shopping list is a great way to help you keep within budget."

With Christmas just around the corner, many may turn to credit cards for seasonal spending. If you are considering taking out a credit card, it would be advisable to do so now as they can take a few weeks to process.

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