It's that time of the year again. Michael Bublé is on repeat while people begin to put up their Christmas decorations. But while it's tough to contain the excitement of unwrapping gifts and dining all day, there comes a grim reality: the cost on families.
For many, with extended families and social circles, the cost can add up so financial services company My Budget has crunched the numbers. On average, last year, their clients spent $890.
"Christmas is probably the most expensive time of the year for most families, it can be anywhere from between $890 to up to $1500 dollars," says Tammy Barton, Founder and Director of My Budget, speaking to 9news.
Further, according to a survey by peer-to-peer lender Society One, Australians are expected to spend $8.8 billion or approximately $350 per person.
The holiday season is an extremely stressful time of the year so Barton says buying well in advance can stop customers being forced to pay over-the-top prices.
"Buying presents last minute generally means you spend more because you haven't planned, you haven't been able to buy things on sale so that's probably one of the biggest risks," she said.
Another important tip is to think twice if you're going to put it on a credit card.
Last year, according to Reserve Bank of Australia figures, Australians spent $29 billion dollars they didn't have during December 2017. That comes to $1727 per card.
"You're going to be stuck paying that in January and February, the best Christmas is an affordable Christmas," said Ms Barton.
Christmas is a difficult time for the family budget so if you're unsure how to best use your money and you want to save a dollar here and there, check out ASIC's 12 money tips for Christmas.
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