Nearly three-quarters of Brits plan to cut their spending this Christmas but less than half expect to succeed

WHAT is your approach to Christmas spending? Do you stick to a budget or celebrate to the fullest?

With less than a month to go until the big day, consumers are expected to up their spending for the holidays in the coming weeks – will you stay on track with your budgets?

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This quiz was developed after a poll of 2,000 adults who celebrate the holidays found that 72% have set a festive budget, but 40% expect to exceed it – despite doing their best not to.

Inflation (38%) emerged as the top reason people overspend, as well as wanting to spoil loved ones (26%) and not wanting to be a ‘Grinch’ (15%).

Rationalising is also causing 43% to overspend, such as spending enough to qualify for free delivery to avoid ‘losing money’ (26%).

Other justifications included getting something for half price means their budget can go further (17%) and buying Christmas decorations is a strategic investment as they will be used again (19%).

Carmen Derosas, spokesperson for PayPal UK, which commissioned the research to launch its ‘Festive Spending Snapshot’, said: “Our findings show there is a clear intention to budget this festive season, amid rising prices and costs of living.

“Although, many of us still admit to going over our budget and rationalising our spending.

“That’s why we are encouraging the nation to forget rationalising and adopt a more budgeted approach.

“We offer an easy and convenient way to keep track of your transactions and stay on top of your finances this Christmas”.

The research also found that although people are making these justifications to themselves, 18% want to be more controlled with their spending this year as the cost-of-living crisis continues to bite.

Of those setting a festive forecast on their spending, 45% do so because they like to have a plan, while 44%t said it prevents them from going into debt.

Others are finding ways to make their money go further when shopping for Christmas, with four in 10 redeeming loyalty points.

A quarter will pay in cash to help keep track of their purchases and 21% will make the most of apps by comparing the prices of items on their list.

The study carried out via OnePoll, also found a quarter want to buy fewer presents this year, 20% will opt for smaller gifts that cost less, and 14% are keeping an eye on sales and discounts.

Top ways adults are cutting their festive spending:

1. Being smarter with how you spend your money
2. Buying less presents this year
3. Using more vouchers/ discounts/ loyalty points
4. Buying smaller presents for people (smaller: costing less).
5. Only buying items that are on sale/discounted

If you are looking to cut back on your festive feast this Christmas there are the dates supermarkets that will be slashing the prices of their vegetables.

Advent calendars are now massively reduced in many supermarkets, here’s what to look out for.

Lidl has launched a huge 50% off middle aisle sale and it’s the perfect opportunity to stock up on gifts.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

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This post first appeared on thesun.co.uk