Christmas on a Budget

Published on 1 January 1970 by Raffick Marday

Over 85 percent of people intend on partying this Christmas showing the nation’s money problems have not dampened their festive spirit.

The study by Clydesdale and Yorkshire Banks showed 79 percent are cutting back this Christmas on their spending, with many saying these cuts will come from socialising and gifts.

A significant 47 percent of respondents said they hoped to splash less than £300 in total, up by 4 percent from last year.

A further 30 percent have a budget of less than £200 compared to 27 percent in 2009, and 13 percent are even planning on spending less than £100, which is up by 11 percent from last year.

“Christmas is traditionally a time for goodwill and our research has shown that this is a sentiment shared by people across the UK as they are more focused on enjoying time with friends and family rather than overspending this year,” said Steve Reid, Clydesdale Bank retail director.

How to Save the Pennies with a Prepaid Credit Card

To help aid these cuts more than half of the respondents admitted to re-using gift bags and boxes for presents, with 43 percent setting gift spending limits prearranged with friends and family.

A further 31 percent said they would make their Christmas presents and make use of their creative abilities.

Sixteen percent will go for the vintage look at Christmas parties this year as they opt to dish out their glad-rags from last year instead of opting for the latest trends.

This year workplaces were also showing signs of budgeting as just 26 percent of companies will fully pay for a staff lunch or party.

More than a quarter of staff will pay for their own work event while 28 percent will not be celebrating at all, and 45 percent will spend no more than £5 on presents for workmates.

To ensure you do not spend over your budgeted amount for Christmas try comparing prepaid credit cards online.

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