Sticking to a budget could prove difficult
Chances are your budget is going to be a faint memory this Christmas, with extras expect to cost us £10.2 billion this year.
While many people consider amounts ahead for gifts for loved ones and food and drink for Christmas Day, research from American Express Platinum Cashback Credit Card has revealed it is those deceptively costly ‘hidden extras’ that might come as an unexpected surprise over the next couple of months.
From festive drinks, party outfits, costs of babysitters, through to travel to see relatives, UK adults expect to spend an average £210 each on seasonal ‘add-ons’ this year, a collective £10.2 billion on top of the cost of Christmas Day and buying gifts.
The research revealed almost one-third of people will fund any ‘hidden extras’ from their monthly salary. With only two pay days left for most people between now and the New Year, November and December’s salaries could be stretched to the limit.
Just under three-quarters of people intend to spend the same or more than last year on seasonal necessities and any additional costs. The research showed the whole festive period is expected to cost £718 per adult including presents (£364), hosting Christmas (£144) and paying for those ‘hidden extras’ (£210).
Julie Hay, Head of Credit Cards at American Express, said: “Costs not traditionally accounted for during the festive season can mount up, whether that’s to buy that Little Black Dress for Christmas parties, or to pay for a hotel stay for a New Year’s Eve celebration. Some are hard to predict such as the ‘emergency present’ for an unexpected visitor, or unscheduled outings with work colleagues or friends."
Top 10 ‘hidden extras’ over festive period are:
1. Drinks with friends
2. Parties
3. Travel to visit family/friends
4. New Year's Eve celebrations
5. Sales shopping
6. New party outfits
7. Festive events (eg. carols, ice skating)
8. Christmas tips (eg. to bin man or cleaner)
9. 'Emergency' presents
10. Babysitters