There are less than eight weeks to go until Christmas, and according to MoneySupermarket.com, over a third of Britons plan to use savings to cover their seasonal spending, with 9.7% using a savings scheme they've been contributing to all year long.
A recent poll of nearly 3,000 users of the website indicated that millions will dip into an existing savings account to cover their festive outgoings.
38% of people said they'll use their disposable income for their festive spending pot. Yet when it comes to covering the cost of a turkey and all the trimmings, gifts and other festive items, it seems some people will turn to borrowing the cash they need.
One in ten people will put their Christmas spending on a credit/store card and 3% expect to use their overdraft. Yet this shows a slight fall in borrowing compared with this time last year, suggesting that people are more concerned about avoiding debt and staying within their spending limits.
A spokesperson for thinkmoney commented: "Christmas is fast approaching - but if you want to boost your festive savings pot, or even start one, it's not too late. Cutting back on non-essentials over the next few weeks and putting some money aside could help you maximise your spending power and avoid borrowing, so you won't have to worry about starting the New Year in the red.
"Cutting back on even a few simple things in the run-up to Christmas, such as buying lunch at work or socialising at the weekend, could be enough to top up your festive fund.
"If you think you could do with some extra help budgeting, the thinkmoney Personal Account could be what you're looking for. The account comes with a built-in budgeting service, designed to make sure the money you need for your bills is set aside. Your actual spending money is put into a separate account, so you know you can't accidentally spend money you need for essential costs.
"So if you're looking for an account that can help you budget more effectively and make sure you're not spending more than you can afford, the thinkmoney Personal Account is worth looking into."