One in five to up their Christmas budgets this year

ONE in five festive enthusiasts will be upping their Christmas budgets this year – and they plan to spend on average 30 per cent more than they did last year. A study of 2,000 adults who celebrate Christmas found 47% of these are planning to spend the extra cash because they are eager to treat their family and friends. 1 ONE in five festive enthusiasts will be upping their Christmas budgets this year While 40% simply want to make this Christmas extra special.

For 72%, the extra money will go on presents, and 66% will increase their spend on food and drink, while 31 per cent will be splashing out on hosting Christmas get-togethers. Overall, the average budget for 2024’s festivities is over £650 this year, and 76% will be spending the same, or more than they did in 2023. To help make budgets stretch even further, 45% plan to redeem loyalty points and rewards when buying gifts and food, and 26% have spread the cost by buying things throughout the year.



read more on money SWEET DEAL Supermarket selling Quality Street bags that are bigger and cheaper than tubs TOP TOYS Nostalgic 80s and 90s Christmas toys now worth a small fortune...

do you have one? Paul Stokes, from M&S Credit Card, which commissioned the research, said: “Christmas has been a challenging time for many over recent years, with many families having to tighten their belts. “While those challenges haven’t disappeared entirely, it’s encouraging to see that many people feel in a better position this year to maintain or even increase their festive budgets. “Savvy financial planning plays a big role – whether it’s carefully saving throughout the year or using loyalty points to stretch spending power.

“This Christmas, households are finding ways to enjoy the season and make it special without overextending themselves, we hope our credit card customers enjoy using their M&S Rewards vouchers to treat themselves and others.” Most read in Money DOUGH NO! Scots bakery known for 'gorgeous cupcakes' announces shock closure FAIR DEAL Pick up bargain £7 tickets for the Irn-Bru carnival - a massive £18 saving NOT LOVIN' IT Opening of new McDonald’s in Scots town SCRAPPED at the last minute DRINK IT IN Urgent warning to Baileys drinkers over big mistake everyone makes over X-mas It also emerged those maximising loyalty points and rewards this year will redeem an average of £104 this Christmas. With 87% of these saying it will allow them to get more from their money at Christmas.

Enjoy Free Premium TV Upgrades with Virgin Media This Christmas And it’s not just money people are getting savvier with, as 46 per cent expect they will have all their gift shopping sorted two to three weeks before the big day. As two in three (65%) admit they like to get their shopping sorted sooner rather than later. For 62% of these, it helps to reduce stress in the build-up to the big day, and 52% just appreciate having more time on their hands in December to enjoy the festive season.

Although, 31% reckon getting started early gives them more time to snag the best deals, according to the figures conducted via OnePoll. Paul Stokes added: “The best Christmases often come down to proper planning, and the research highlights how important it is to approach the season with a clear strategy. “Creating a budget for your money is only part of the picture – it’s also about getting ahead with gift and food shopping to avoid last-minute stress.

“By starting early and staying organised, families can not only enjoy a smoother lead-up to Christmas but can also make their budgets go further, helping to make the season that little bit more special.” How to save money on Christmas shopping Consumer reporter Sam Walker reveals how you can save money on your Christmas shopping. Limit the amount of presents - buying presents for all your family and friends can cost a bomb.

Instead, why not organise a Secret Santa between your inner circles so you're not having to buy multiple presents. Plan ahead - if you've got the stamina and budget, it's worth buying your Christmas presents for the following year in the January sales. Make sure you shop around for the best deals by using price comparison sites so you're not forking out more than you should though.

Buy in Boxing Day sales - some retailers start their main Christmas sales early so you can actually snap up a bargain before December 25. Delivery may cost you a bit more, but it can be worth it if the savings are decent. Shop via outlet stores - you can save loads of money shopping via outlet stores like Amazon Warehouse or Office Offcuts.

They work by selling returned or slightly damaged products at a discounted rate, but usually any wear and tear is minor..