There is no doubting the fact that the festive period can burn an unenviable hole into our pockets, with many of us shelling out for food, presents and other expenses.
A number of us might be tempted to simply take a deep breath and just accept the financial pain that comes with treating ourselves and our loved ones for the Christmas period.
This can lead to a number of financial problems, such as debts and unmanageable credit.
However, it seems that people across the country have come up with a variety of ways in which to save money during the Christmas festivities.
Vouchers and discounts are king
A new survey from Gocompare.com found that just over half (52 per cent) of UK adults recommended the use of vouchers, discount codes and loyalty points for getting the best deal.
More than 2,000 adults took part in the survey, leading to a wide number of options for those looking to trim the cost of the Yuletide season.
Aside from discounts, other methods to be cited included setting a budget for presents and sticking to it (45 per cent), buying presents in the sales (39 per cent), avoiding spending money on expensive Christmas experiences (37 per cent), while planning gift ideas in advance (36 per cent) rounded off the top five.
The survey also found that women were more likely to be savvier with their money during the festive period than their male counterparts, using more money-saving techniques such as setting a budget and making their own gifts and cards
Commenting on the research, Claire Peate, customer insight manager at Gocompare.com said, “For many people, Christmas puts added strain on already stretched finances – but as our survey shows, some forward planning, sensible budgeting and a little Christmas creativity can help you shave the cost of your festive spending.
“Money-off coupons, loyalty points and apps can help cut the cost of a wide range of goods and services – from supermarket shopping, books, restaurant meals to days out, enabling you to reduce the amount you spend without compromising your festivities.
She added that credit cards are also an effective way of spreading the cost of Christmas, but only if you budget wisely and ensure you keep spending to a manageable level so that you do not have difficulties early on in the new year.
When looking for a credit card it is important to ensure you pick up one that meets your needs. One of the most favourable attributes is a card with a generous interest-free period on new purchases as this will give you time to pay-off your Christmas spending without adding interest.