That’s according to the Office of Fair Trading (OFT) who is advising people to make it a New Year’s resolution to save for next Christmas.
The OFT suggests:
Planning Christmas early – be realistic about what you are going to need next year and budget accordingly.
Look at savings options including Christmas clubs, supermarket stamps and hamper schemes.
Take action – start putting money aside now.
The advice is to ensure people avoid financial hangovers following what can be, for many families, the most expensive time of the year.