Finance Choices
The climbing cost of Christmas
Britons are planning to spend £466 each this over the Christmas period - £43 more than last year.
But while this cost is up on last year, it is considerably lower than in 2000, when spending hit £589.
But Abbey?s annual Christmas spending report reveals that one person in eight has no idea how they will pay for the festive season.
"It?s no great surprise that Christmas is an expensive time of year and it?s good that people have an idea of how much they will spend and, in some cases, how they will pay for it," said Reza Attar-Zadeh, Abbey?s head of banking.
"Whether people use an authorised overdraft, credit card, loan or savings ? they must plan for the extra expense and not just hope for the best. It?s also important that people do not go overboard when they spend on a new credit card or dip into their savings just because it?s the festive season."
Most Britons (63 per cent) will use their savings to cover the extra Christmas costs, while more than one in five (21 per cent) will put it on a credit card.
This is a small increase in the number of people using a credit card and a drop in those planning to take money from their nest eggs.
Another four per cent of UK residents have saved in a Christmas club throughout the year to cover the cost of puddings and presents.
But while this cost is up on last year, it is considerably lower than in 2000, when spending hit £589.
But Abbey?s annual Christmas spending report reveals that one person in eight has no idea how they will pay for the festive season.
"It?s no great surprise that Christmas is an expensive time of year and it?s good that people have an idea of how much they will spend and, in some cases, how they will pay for it," said Reza Attar-Zadeh, Abbey?s head of banking.
"Whether people use an authorised overdraft, credit card, loan or savings ? they must plan for the extra expense and not just hope for the best. It?s also important that people do not go overboard when they spend on a new credit card or dip into their savings just because it?s the festive season."
Most Britons (63 per cent) will use their savings to cover the extra Christmas costs, while more than one in five (21 per cent) will put it on a credit card.
This is a small increase in the number of people using a credit card and a drop in those planning to take money from their nest eggs.
Another four per cent of UK residents have saved in a Christmas club throughout the year to cover the cost of puddings and presents.
posted by Bruce Wayne at 10:20 AM
The climbing cost of Christmas
11 Comments:
I normally have $600 saved for Christmas. This year I'll probably spend it all.
Normally my kids get three things. Something they want, something I want to get them and something for everybody (our CD player is broken).
Most of it goes towards my kids. I buy breakfast for my staff at work. I usually buy something small for my parents.
We're lucky in that all our gifts are home grown/made. This year everyone is getting home grown beef and home made squirrel feeders. We just had a beef butchered last week and will be able to give a great selection.
We spend around $1500 to $2000 each year. We have 5 kids ourselves, his parents (mine are deceased), his brother and his wife, their 5 kids, plus misc family. We always get each other something useful. last year I got a small freezer which I have determined is not working well enough. I need a larger one.
Total: around $400.
* $150 on my sister and her family, because gifts are really important to them.
* $100-150 total on my parents, step parents, my other sister, my grandmother, and my best friend.
* About $20 on teacher gifts.
* Plan to spend about $100 on my son's birthday and Xmas combined (he's a December baby). He's only two, so he doesn't have big requests yet. It's just a matter of restraining myself.
Ways I save money:
* My brother and I have a permanent no-gift pact, which includes our kids and spouses. I have proposed a no-gift pact to my mother this year, as well, because we're both trying to save money.
* I don't buy gifts for work friends or neighbors.
* My spouse is Jewish (non-practicing), so we don't do Xmas gifts for each other or for his family.
The past few years it has been $1000+. Altogether, DH and I have four parents, two grandparents, two children, nine siblings, four nieces and nephews, and two friends that we buy for (and each other!). This year I told everyone that I was not going to make myself crazy and broke spending $30-40 on everyone (plus a lot more of DH and the kids), so I asked if we could do something different.
DH's family decided to do a "fun" gift of no more than $10. It can be used, a joke, or whatever, as long as you stay within the budget. So I cut out about $150-200 there. For my family, we are still buying for my parents (and kids, obviously!), but the siblings and spouses drew names and agreed to a $50 budget. So I cut out 4 people there, for another $100+ in savings. And hopefully a lot less stress too.
I plan to spend $600 or less this year, but DH plans to spend $1000. I think we are going to compromise at $800. He totally wants to spoil the kids, but I know they will already be spoiled rotten by their aunts and uncles, not to mention grandparents. I think they have too much already, but our families really protested when I said they have too much. I guess if it makes them happy to buy for the kids, they can do it...we're just going to have to clean house (freecycle!) before Christmas to make room!
I guess I'm stingy. I only get gifts for my parents and my brother. This year their gifts are not costing my a penny - they are all getting gift cards that I earned from mypoints.com. My grandma and an aunt will be coming to visit on Christmas Day. I have already decided that I'm going to do two Gifts in a Jar for them. Mostly all I need to buy are two jars, sugar-free tea, and ribbon. So hopefully that won't come out to more than $6 or $7 for the both of them.
I am hoping that next year I can have a budget of $150- but again, that'll just be for immediate family (unless of course next year at this time I have a SO, then he'd be included).
If I had a child that was facing their last Christmas alive..then yes..I would certainly go into debt for them. But otherwise no. It's a bit stupid going into debt each year for your kids..because you'll only have to pay back the enormous amount of cash that you have borrowed from the loan company. I would never spend more than about £300 on them. I think this would be more than enough to spend on them..AND..smallish presents as well.
Still....some people have different idea's though..but this is mine.
I'd love to be given a choice!
I gave my estranged wife £100 for each of our kids, and she went and bloody spent it!
Now she wants more from me!
She's told the kids "Nasty Daddy won't get you presents this year!"
Makes my blood boil.
So, if I could, yes! I would go into debt this year for my kids!
Well done!
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