Brits Cut Back on Festive Parties

Published on 1 January 1970 by Raffick Marday

The nation is cutting back on parties and nights out to make Christmas more affordable this year. If you are worried about how you will fund Christmas find out how a pre pay card could help.

According to a recent survey 60 percent are unwilling to get into debt this year in order to have a merry Christmas, highlighting the tentative nature of many Brits to spending money in the current financial climate.

While parties are to be the biggest cut this month, where 29 percent will reduce their spending in this way, Christmas presents for friends are the next in line for the axe for 28 percent.

The majority will spend as they always have done on food with 90 percent unwilling to cut this budget. A further 94 percent are unwilling to give up or reduce their mince pie intake and 92 percent their Christmas puddings.

“The scale of the cut backs is perhaps surprising,” said John Hughes, director of retail products at The Co-Operative Bank.

“It’s good to see people are looking at their finances more carefully and taking a more responsible attitude to spending.”

Expensive wrapping paper, tips for the Postman, and alcohol were other treats many will budget more carefully this year.

Pre Pay Cards

A good way to help you manage your Christmas spending this year is by using a prepaid credit card to load your funds onto.

You can purchase one for a small price from the high street and then load your budgeted allowance for a certain area you do not want to overspend on, onto the card.

Some providers will then credit your card with the amount you spent purchasing the card, so you can then use it to pay for items as you would a normal credit or debit card.

The card does not allow you to spend more than the amount you loaded onto it so it prevents you from overspending and getting into debt.

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