How are you paying for Christmas?

christmas-treeIt is now just over 6 weeks until Christmas- that time of goodwill to all men where, instead of just going around giving other people (free) goodwill, we all have to spend loads of cash buying tat for Aunty Pat.

But whether you agree with the commercialisation of Santa’s birthday or not, chances are that Christmas will mean increased expense for most of us, and with a maximum of two monthly paydays between now and then, how are you going to pay for it all?

Research by suggests that actually, people are being somewhat more sensible with Christmas spending than they may have been in previous years.  This year, 38% of us are planning to use ‘disposable income’ and a further 24% will use savings, up 11% on last year. What’s more, a further 10% of people have sensibly put aside money every week in a savings scheme specifically to help pay for the festivities.

All good news. In fact, only 10% of people say they will spend on credit or store cards this year, and only 3% will use an overdraft. Perhaps people have decided they don’t really need that 57” flatscreen HD 3D television after all. Or maybe they bought it last year.

The full breakdown of Christmas funding is as follows:

I'll dip into savings - 23.7%

I'll use my disposable income - 38.1%

I'll use my credit card/store card - 10.5%

I'll have to use my overdraft - 3.2%

I have been saving up all year via a savings scheme - 9.7%

I'll borrow money from friends and/or family - 1.6%

Unsure or don't know - 4.6%

I don't celebrate Christmas - 8.5%

Kevin Mountford, head of banking at MoneySupermarket even has some handy tips for the don’t-knowers and those who may be worrying about spiralling costs: "For those who haven't done so already, it's not too late to start saving for Christmas this year- just setting aside twenty pounds each week over the next few weeks could save you from skating on thin financial ice and help prevent sole reliance on your December salary to pay for everything.”

And for those using the never-never to pay for their fairytale Christmas, it may make sense to use a cashback card, like the American Express Platinum Cashback Card which offers 5% cashback on your first £2,500 spend within the first three months, which could then give you money to put towards next Christmas, and may offer a more competitive interest rate. Or, if you can get hold of a 0% on new purchases card, at least your January hangover will only be paying off the value of purchases, rather than being compounded with hefty interest charges.

So what do you think? Are you planning to cut back this year? Have you put a bit aside for jollities or are you bending that plastic as hard as ever?


  • Spencer
    I'm going on a spending spree in poundland and 99p stores. you'd be amazed... all my mates get a bag 'o' crap...
  • Henrietta
    i iz going to spend my dole money and child benefits. I iz buyin maself a pair of Uggs, real ones you know, of Tommy down da pub. I'z also gettin iphone 6 then whats left Ill get the kidz somethin from Poundland
  • Inspector G.
    What is this "disposable income" you talk of?
  • chewbacca
    Why, a wonga loan, of course. Going for the max 720 quid or whatever for the month, and only have to pay back just under a grand. Bargain!
  • badger
    I bought most of my presents in the January sales.
  • Sicknote
    I buy gifts all through the year so in this time of greed and excess I tend to laugh by bollocks off at all the stupid pricks who max their credit cards out on the a pile of shitty gifts. That's how I afford to own 11 rental properties and laugh at people with no money.
  • LancerVancer
    I will be paying for it by selling my organs.
  • Boring B.
    @Sicknote: You may be able to buy 11 or more properties, but you can't buy yourself a new pair of bollocks.
  • chewbacca
    @Lancerchancer Similarly, I'm paying for it by selling my orgasms.
  • Zeddy
    I'll be selling my organisms.
  • I n.
    @sicknote lol lonely bastard who must be the only person who likes you. Bragging, or more like bullshitting twat!
  • LancerVancer
    @chewbocco Bumper Christmas for you then!
  • Lord F.
    I'll be selling my orgasms
  • Sicknote
    @ I am da nuts! Ha ha - you sound like one my tenants....
  • Gabriella
    By buying small thoughtful gifts not things I cannot afford and buying the presents after christmas when the sales start. Christmas is for kids not adults.
  • Milky
    Sicknote, do you actually 'own' the property or do you just own the debt? What happens if values fall, so rents fall, so rent does not cover your debt repayments x11 properties? Then all the laughing BTLers will be fucked (hopefully). Your bank will pull the property from you and sell it on. Why would they care about you?

What do you think?

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