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However one thrifty chap has spoken exclusively to Express.co.uk and said that it’s never too late – people can still save £300 before the festive season if they start following his tips right away.
Chartered Accountant Oliver Atkinson runs his own accountancy firm so he knows a thing or two about saving money.
But with just seven weeks to go until the big day, the pressure is on if people haven’t started saving yet.
“Christmas is not only an incredibly busy time of year, but it can also be extremely expensive,” Oliver says.
“However, there are ways to reduce your spending and save money in the build up to the big day.”
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For an extra £200 to add to their savings pot, Britons could try the envelope method.
Oliver explains: “Many people who get paid weekly, or simply can’t afford to put bigger amounts of money away to save every month, struggle with saving regularly.
“However, you don’t need to put away lots of money to see saving results.
“The little and often method requires putting aside small amounts every day.
“A straightforward method is to gradually increase the amount you save each day of the week.
“Begin by saving £1 on Monday, then £2 on Tuesday and so on, until you get to saving £7 on Sunday.
“Repeat the £1 to £7 each week and by Christmas you will have saved just under £200 and hopefully not noticed the amount saved each day.”
People could combine this with the downshift method which simply means switching to supermarket own brands to save 30 percent on their food bill.
Most people have around £1,500 worth of unwanted goods, so they could declutter now to make money in time for the festive period.
Then when it comes to spending their hard earned cash, Why not hunt for second hand presents – other people’s unwanted items that are often unused.
“If you have an idea for a gift, try searching online for a second-hand alternative, as you may be able to get the exact same product for a fraction of the cost,” Oliver concludes.
“In fact, it is estimated that you can save up to 50 percent off the brand new retail price!”
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