{"id":8374,"date":"2024-11-22T14:23:53","date_gmt":"2024-11-22T14:23:53","guid":{"rendered":"https:\/\/finderica.com\/research-reveals-how-much-parents-spend-at-christmas\/"},"modified":"2024-11-22T14:23:53","modified_gmt":"2024-11-22T14:23:53","slug":"research-reveals-how-much-parents-spend-at-christmas","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8374","title":{"rendered":"Research Reveals How Much Parents Spend at Christmas"},"content":{"rendered":"
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\t\tAnnie<\/small><\/p>\n

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\n\t\t<\/i> 22nd Nov 2024<\/small>
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\t\t\t\t\t\tReading Time:<\/span> 3<\/span> minutes<\/span><\/span>\t\t\t\t<\/p>\n

How do you afford Christmas? MoneyMagpie conducted a survey to find out!<\/p>\n

We recently conducted a survey of 2000 respondents about their Christmas spending habits, and it was revealed that 37% of parents rely on credit cards to afford the festive season\u2019s gifts, food, and activities. Having children significantly adds to the cost of Christmas too: almost 40% of parents spend over \u00a3500, while a huge 81% of childfree people spend only up to \u00a3300 \u2013 with 17% spending under \u00a3100.<\/p>\n

Spending trends revealed that parents are more likely use credit cards but also that they\u2019re more likely to take longer to pay them off, too. A large chunk of childfree people (73%) didn\u2019t use credit to pay for the season, while of those that did 63% paid them off immediately, compared to 37% of parents \u2013 meaning they start the new year with debt that can take months to pay off.<\/p>\n

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Vicky Parry, MoneyMagpie\u2019s Editor and financial expert, said: \u201cIt\u2019s not surprising that parents spend more at Christmas, but relying on credit to pay for the festivities can set families on the back foot for the new year. At MoneyMagpie, we always advocate spending within your means where possible \u2013 and while that might seem tough for cash-strapped families, we have lots of tips to earn extra cash and make significant savings too.<\/p>\n

\u201cWe encourage families concerned about the cost of Christmas to set boundaries to make it more affordable. This might be agreeing a spend limit with family and friends, or forgoing gifts for the adults altogether. There are also plenty of ways to snap up grocery bargains at this time of year, so some savvy weekly shopping can help save more cash in time for Christmas.\u201d<\/p>\n

There are loads of things you can do to make sure you\u2019re not relying on credit to fund Christmas \u2013 even though it\u2019s now less than a month away!<\/p>\n

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  1. Give up one takeaway a week for the next three weeks and you\u2019ll save around \u00a3150<\/li>\n
  2. Cut back on your daily spending just for a few weeks \u2013 avoiding your takeaway coffee treats could save you \u00a350 if you usually get one a few times a week.<\/li>\n
  3. Pause your subscriptions: streaming, music, magazines, audiobooks and ebooks all add up. Pausing any you have to avoid the next payment going out for December could save you upwards of \u00a350 in just a few weeks.<\/li>\n<\/ol>\n

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    If you must use your credit card over Christmas, try to limit your spending and repay in full by your December statement that arrives in January. If you\u2019re not going to be able to repay in full, look into opening a balance transfer credit card with an introductory offer. This will give you some breathing space, especially if you find one with a 0% transfer fee and 0% interest on balance transfer offers (Natwest is currently one of the best for this). Transfer your Christmas spending from your usual credit card to the balance transfer one before your next statement to clear the debt across. Then make repayments as usual \u2013 but at least you won\u2019t be paying interest. (Don\u2019t make purchases on a balance transfer card \u2013 the interest rate is very high. Use it only for transferring your existing credit card debt).<\/p>\n

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