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How are you planning to pay for Christmas?

Tuesday 20 October 2015, by

How are you planning to pay for Christmas?

Christmas is coming around again and with it the annual whack to your bank balance. Research conducted by the Money Advice Service showed that the average UK adult planned to spend £530 on Christmas last year. Factor in food, presents, decorations and drink and the costs can add up quickly.

But you can avoid spending more than you can afford if you know your expenses before you start. The Money Advice Service’s Christmas Money Planner will help you set a budget for all your Chrimbo costs. It also has anticipated averages for each expense to help you pinpoint what you’ll spend if you’re struggling.

Start saving now and you could have a tidy sum to play with once the festive season rolls around. If you put away £20 a week from this week you’ll have saved £200 come Christmas time.

You could also boost your savings by selling everyday items you have in your home. You might be surprised at how much money you could make. Furniture, bikes, children’s scooters, prams, mobile phones, electrical items and vintage or collectable items all do well. And as well as making extra cash, you get the added bonus of freeing up some extra space.

Money Advice Service

This article is provided by the Money Advice Service.

All information accurate as of date of publication.

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