Saving tips: How to cut the cost of Christmas

You may not feel in the festive spirit just yet - but now may be an ideal time to start budgeting to ease the strain on your wallet over Christmas.

Last Christmas each of us typically spent £506 on presents, food and drink, and socialising.

At more than a £1,000 for a typical mum and dad, it's not surprising that many of us still had a Christmas hangover well into the spring as we struggled to clear our debts

Giles Martin, head of Halifax Savings, says: "With the typical cost of Christmas increasing to over £500 and the hangover stretching to a third of the year for some, it's never too early to think about how you will pay for it.

"If you can afford to save regularly to spread the cost, then the earlier you start saving, the less you need to find each month."

A third (34%) of festive spenders surveyed saved specifically for Christmas. More than half (55%) funded some of their Christmas spending through their salary.

However, you approach it, Christmas can still leave many juggling debts.

Around one in three (31%) rely on a form of credit to fund Christmas, with credit cards being the most popular choice. Savings can also be a Christmas casualty - 7% of us end up dipping into savings we were not planning to spend on Christmas, the research among more than 2,300 people found.

There are also big differences between the sexes when it comes to Christmas spending, with women likely to spend around £100 more than men on Christmas.

So how can you stick to your budget in the run-up to Christmas? Deals sharing website HotUKDeals has these ideas to keep the costs down...

Do your research: Special offers may look tempting, but make sure the savings have not been exaggerated. Check out reviews before making a purchase, particularly for electrical items such as TVs, to make sure the deal is worthwhile. Consider where the best places are likely to be to buy certain items.

Be quick: Some online deals may sell out in seconds, so when you've done your research, be prepared to make your move.

Don't wait: Don't necessarily hang on for discount days like Black Friday - which this year is on November 25. Some offers can start before these events, so keep an eye out for where or when discounts will take place.

Hidden costs: Watch out for hidden costs, such as postage, which can reduce the discount. Look out for codes for free shipping and discounts on the purchase price.

Be a VIP. Some retailers release details of special offers to their VIP members first, so it may be worth signing up to receive their emails. If you're worried about your inbox overflowing, consider setting up an email account specifically for these types of offers.