"It's crucial to stay financially responsible", says gov't body
As the festive period comes to a close, residents are being encouraged to pre-plan ahead of next Christmas.
The Office of Fair Trading has set out its top tips to reduce financial stress associated with the holiday season.
The Christmas period can be one of the more challenging times of the year when budgeting for the month, but the OFT says its worth taking some time to do some forward-planning.
Debt counsellors recommend calculating how much you spent last month and divide it by 10, and begin saving this amount each month starting in February.
The OFT also says considering opening a savings account could help to keep savings and regular income separate, which may prove less tempting to spend, and could earn some interest at the same time.
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