Christmas is always an expensive time of year but with millions of households facing crippling cost increases many are likely to find this year especially difficult. The UK is seeing rising costs across the board with the consumer prices index (CPI) rising by 11.1% in the 12 months to October – a 40-year high – and energy costs 95% higher than last winter.
The Bank of England has raised interest rates in a bid to tackle inflation and warned the UK faces a two-year recession – the longest since official records began. It has forced governments to roll out cost of living packages to support those hardest hit by the crisis including £650 for those on means-tested benefits, £400 off energy bills for all households, and £150 for those with disabilities. More cost of living support has already been announced for next year by chancellor Jeremy Hunt in his recent autumn statement.
With so much pressure on finances many might be daunted at the idea of Christmas presents, food spending, festive parties, and the other expenses that come around this time of year. So we've put together a list of ways you can do Christmas more cheaply this year according to MoneySavingExpert founder Martin Lewis. Below are a list of tips taken from the MoneySavingExpert website and Mr Lewis' weekly email as well as advice given on The Martin Lewis Money Show on ITV. To get all the latest money-saving news straight to your inbox twice a week sign up here.
