8 WAYS TO BE SAVVY WITH YOUR SPENDING THIS CHRISTMAS...

WITH THE FESTIVE SEASON INCHING CLOSER, NOW IS THE TIME TO PLAN AHEAD AND SHOP SMART, SAYS GEMMA DUNN

CHRISTMAS may still be a good couple of months off, but for many people the planning and subsequent financial worry - has already started.

Whether it's hosting, shopping for gifts, decorations, or forking out for social events, 'tis the season for serious splurging - making it so easy to overspend amidst the flurry of festive magic.

But, what if this year we were able to exercise a little bit of financial discipline and plan ahead? Taking time out to prepare for the costly period would certainly make for a more enjoyable break, and avoid any additional stress that stems from lingering debt in the new year.

Here's how to get started, according to the experts...

1. Get saving
"While it might feel too late to start saving in September-October, you can still make a big difference by spreading out expenses over the next three months," says Liz Hunter, director at comparison site, MoneyExpert.​com.

"Think about how much you'll realistically spend this Christmas, factoring in the cost of food, gifts, events and any other expenses." Liz says to divide this total into three equal parts, then set aside one third in a savings account.

Add another third to the account when you receive your pay this month and again in November.

"By following this plan, you can significantly reduce the financial stress of December."

2. Utilise budgeting tools
"Determining the maximum amount of money you want to spend over the festive period is a good way of keeping track of your finances," adds Mark Weston, director of financial support at Santander UK.

"There are lots of useful tools online to help you do this. Santander's Budget Calculator and Financial Health Check are a great way to get a quick, simple view of your overall finances and discover where you might be able to save some extra cash."