According to YouGov, the average family was expected to spend £820 on Christmas in 2013, once food, gifts, decorations and other celebrations were all factored in, representing a £54 increase on the previous year.
Thankfully, there are a few early surprises for savers this Christmas, since inflation fell to a five year low of 1.2 per cent in September, according to the Office for National Statistics. What’s more, experts predict this figure may fall further still in coming months. In particular, low cost supermarkets have begun to force larger chains to reduce their prices, meaning shoppers may be able to take advantage of money-saving deals for this year’s Christmas lunch.
In addition, the Royal Mail has recently announced plans to cut the cost of sending packages over Christmas, temporarily offering savings of up to £5.20 on small parcels to help those buying online or sharing gifts remotely.
While these developments offer savers some relief, they do come at a time when the Trades Union Congress reports Britain is undergoing the longest and most severe decline in real earnings since the mid-Victorian era. As a result, despite falling inflation, slow wage growth means many families may still be feeling the pinch this Christmas and looking for ways to cut back on festive spending.
In order to help these individuals make their hard-earned savings go further, Aldermore is inviting the Twitter community to come together and share their own advice on ways to enjoy the season without breaking the budget.
Let Aldermore know your Christmas saving tips on Twitter, and each week, the Bank will turn the best idea into a #FestiveSavers graphic to share with the rest of the online community. From ideas to make your Christmas dinner leftovers go that little bit further, to timing present buying to coincide with the best offers or creating a savings calendar for autumn, what is your best #FestiveSavers tip?
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