Smart Prepaid Card for Christmas Budget
Children looking forward to what Santa has left them under the tree will not be disappointed as parents are set to shell out £2 billion on gifts.
Despite the current economic slump mums and dads across the country will spend on average £168 per child on presents this Christmas a survey by LV= showed. Included in this amount is £20 to be spent on stocking fillers.
Over half of parents will be spending the same this year, or more, and the study revealed the amount parents dish out increases the older the child gets.
“Children will be filled with glee hoping they get the latest toy or gadget this Christmas,” said Mark Jones, LV= head of protection.
“Many families will be feeling the financial strain of keeping their kids happy this Christmas, so it’s important that parents try and look beyond the short term and also ensure that they have suitable budgets.”
The amount parents spend differs around the country with those in the North East the most generous spending on average £226 per child, £58 more than the national average.
Children in the East Midlands will have the least spent on them as parents spend £151 per child, while Londoners splash out on average £162 on their little ones.
Budgeting Gift Costs
The financial pressure on parents is mounting this year as 27 percent admit to feeling more financially squeezed than they did last year.
Although many will be splashing out on their kids, 63 percent admit they will cut back in other areas to help balance their budget.
A smart prepaid card could help you budget Christmas if money is tight. Once you have worked out a budget you can load this money onto the card and use it to make your purchases.
The card prevents overspending as it does not have an overdraft facility and also stops the user from getting into debt.