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You’ll Need To Save £120 A Month To Afford Christmas

With less than 114 days to go until Christmas, you will need to put aside around £120 a month from now until December 25th to cover the cost of Christmas according to one of the UK’s major banks.

Christmas savings 2015

Leading bank, Halifax wants us all to start thinking about putting money aside to afford the cost of Christmas. According to the group £28 a week (around £120 a month) will be what you need to cover the festive season. This includes the cost of buying gifts, food, drink and socializing.

Giles Martin, Head of Halifax Savings, said: “Whilst Christmas is unlikely to be at the top of people’s priorities as they return from their summer holidays, with the cost of the festive season nearing £500 and the hangover stretching for some into April, it’s never too early to think about how you will pay for it.”

The survey also revealed that only a third of spenders actually save specifically for Christmas with the majority using their salary and credit cards to fund the festive period.

Following another recent survey in August by ‘GetPaidTo’ one in five are using a traditional at home piggy bank to save for the big day while most are still paying off 2014’s Xmas bills.

Will you heed the advice from Halifax bank? or are you more worried about the tub if ice cream melting in your shopping bag?

Let us and others know your thoughts below.

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