Try our seven top tips so you don’t overspend and still have a sparkling Christmas — plus find out how to win £5,000 with Sun Savers

WITH most of us just one payday away from Christmas, there is still time to get festive finances under control.

Studies show we each spend £54,000 on average on Christmas over the course of our lives.

But with careful planning, you can rein that cost in but still have plenty of pressies and good cheer.

Anthony Morrow, of personal finance site evestor.co.uk, says: “With so much to pay for, it can be difficult to cover the cost of everything.

“That’s why, in the lead up to Christmas, it’s important to keep track of your money.

“Failing to do so could lead to overspending, leaving you with a financial hangover well into 2018.”

Here are Anthony’s seven tips to avoid overspending this Christmas.

1. Set your budget: Work out exactly how much extra cash you’ll need over the festive period.Split it into key areas like presents, postage for cards and gifts, food and drink, parties and anything else.Then work out if there are ways to claw back cash from your current outgoings.Can you make a packed lunch instead of buying lunch at work for a few weeks? Or ditch a night out once a week?
2. Get into good habits: With seven weeks to go, you can still save a decent amount and stop you turning to credit cards or loans.Budget how much you can afford to spend in the run-up to Christmas, keep a copy of your limits on your phone and stick to it.
3. Track your spending: We tend to focus on the big purchases at Christmas, so is easy to forget little things that eat into our budgets.Add any additional small spends such as wrapping paper and sticky tape to your main budget so you are not caught out.If you have a smartphone, use a free money tracking app to help.