A report in The Sunday Times said that the average cost of Christmas lunch for six people has risen to £93. That's based on its price survey of 25 festive items, plus the cheapest turkey, from Asda, Tesco and Sainsbury's.
It found that the average cost of Christmas lunch has increased by more than 10% above the rate of inflation since last year. Cancelling Christmas isn't an option for many of us, so families are often cutting back in other areas to ensure their Christmas still goes with a bang.
Lunch isn't the only thing to consider though. The survey of supermarket prices looked at Christmas essentials including the meal, presents, cards and stamps and found the average cost was £436 last year, but this year it's more than £491.
Here at thinkmoney, we like to help people budget for the things they need, so here are some suggestions:
- If you haven't started your Christmas shopping yet, it may be a good time to start. Spreading the cost of presents, cards and stamps over November and December could lessen the financial impact come January.
- Those with savings may have already been saving for Christmas since the start of the year. If you don't have savings, there is still time to put away whatever you can until mid-December. If the average cost of Christmas lunch for six is £93, you could save that by Christmas week if you set aside just under £14 every week from now, until then.
- Many savers find it's easier if they keep a separate bank account and pay into it with a Direct Debit. If you struggle to manage this kind of thing on your own, then a budgeting account like the thinkmoney Personal Account could help you.
Christmas can not only be a stressful time, but it can also be very expensive. If you're not organised, it could really put you in bad financial shape when the New Year arrives.
If you want some more information regarding Christmas on a budget, take a look at these handy guides we wrote regarding Christmas finances.