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Families Feel the Pinch in January

According to research by OneFamily, Brits who celebrate Christmas plan to spend an average of £420 on Christmas in 2015, 20% of the average monthly salary

Traditionally, Christmas is a time for friends, family, food, festive cheer – and spending money. 2015 definitely followed suit as the UK set aside £8.5billion to pay for Christmas. The research showed that residents in the North East were spending the most on average at £498.60, and those in the South West were spending more cautiously with an average spend of £305.60 27% less than that of the British average.

Unsurprisingly, Christmas presents were expected to be the nation’s biggest expense. Residents in the North East planned to spend the most on gifts, with an average of £400, compared to those in London and the South West, who planned to spend the least, each with an average of £200.

Karl Elliott, Marketing Director at OneFamily, says “With so many outgoings over the festive period it’s not surprising that some of us start to feel the pinch in January and make a promise to save more throughout the year. But saving doesn’t have to be a daunting challenge that’s motivated by a New Year’s resolution. By making small savings, such as cutting out your daily coffee, and putting this money aside each month, your spare change can go a long way.”

For more tips on how you can save in the New Year, and to discover how those savings could make a difference over the long term, see OneFamily’s tips and calculator.

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