The best ways to avoid having a financial hangover at Christmas

Our research for Hargreaves Lansdown has found that an average £660 per person is expected to be spent this Christmas, up from £538 in 2018.

Ahead of spending for Christmas, a budget is set by 54% of those surveyed but over half say they tend to blow the sum calculated. The ‘overspend’ is estimated at £173.50, a distinct rise from £152.70 last year.

Children make the greatest difference when it comes to festive overspending. Around 66% of parents with children living at home exceed their budget, compared with 45% of those without children.

When asked how Christmas is paid for, 57% of respondents said at least some of the spending comes from their normal disposable income with 40% using their savings. The most popular ways to pay are: credit card (26%), overdraft (5%), store cards (5%), interest-free deals (2%).

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