British women need to be more financially thrifty as they face a ‘Credit Crunch Christmas’ warn money experts Scottish Widows. Despite current economic woes, less than a third of women (30%) describe themselves as "diligent" or "thrifty", and one in seven (15%) say they seem to go from "one financial crisis to another". With women bearing the brunt of Christmas shopping, and the economy in a downturn, the festive season poses an increased danger to female purses.

Scottish Widows financial expert, Alison Morris, said: "Money should always be taken seriously but it’s doubly important not to get carried away at this time of year. At no other time do we have so many pressures on our purses - from presents and new party frocks, to the fact that many of us either go on holiday over the Christmas period or look to book our summer holiday as soon as January arrives. This spending spree has the effect of magnifying any debts you may have, and can even wipe out savings. However, with a little extra planning and plenty of preparation, a costly Christmas can be avoided"

With this in mind, Scottish Widows savings guru Alison Morris has devised some handy tips to help cut back during the festive season:

Top 10 Tips to be festive without breaking the bank this Christmas:

1. Do as much online shopping as possible. This will save you both time and travel expenses and some online retailers will include the cost of packaging and gift-wrapping in the price.

2. Send e-cards. Not only does it save on postage, but you’re also saving on paper waste. A win for your wallet and the environment.

3. Only give according to your means. Set aside a shopping budget for each gift recipient and stick to it.

4. Consider doing ‘Secret Santa’ amongst your friends and wider family and set a cash limit for the gift, draw names out of a hat and everyone only has to buy one present.

5. Grocery stores offer great deals during the holidays. Read the paper every week for your local deals, or pick up the free flyers at the store for promotions.

6. Use a broadband phone service to make free phone and video calls to your loved ones overseas.

7. Take advantage of loyalty card schemes and use the rebates and coupons toward purchases.

8. Think about giving promises instead of presents. This can work especially well with your partner - with ideas such as a massage, a DIY job done without complaint, a candlelight dinner, washing the car - but can work equally well with friends - for example an evening's babysitting.

9. Think ahead to next Christmas - it may seem enough to think about this Christmas, but cards, decorations and gift sets are often greatly reduced in January. Preparation is everything, so reduce the cost and stress of next Christmas by spreading out your shopping throughout the year.

10. It may be too late for this year, but begin putting regular money aside for Christmas early in the year, meaning that when December comes, you’ll be well prepared.

"And most importantly" says Alison, "Remember that it’s the time spent WITH loved ones not ON loved ones that counts".