Start saving or yule have a big hangover

outstanding at the start of February and, for them, the Christmas financial hangover was expected to last until spring.

Of these, just over a third (34%) were concerned they may need to make cutbacks on non-essential spending to pay for the cost of the previous festive season.

Christmas Clubs are a great way to save but make sure you join a reputable company scheme – don’t trust John down the pub to take care of your cash.

Open a Christmas savings account with your bank and set up a standing order each month.

Save your loyalty points all year. I like to save all of my Boots points as they have great presents, but Tesco and Nectar and even M&S can save you hard cash.

Use a good old-fashioned piggy bank and chuck in all of your loose change at the end of the day. It soon adds up and will make a dent in the festive costs.

Giles Martin, head of Halifax Savings, said: “With the typical cost of Christmas increasing to over £500 and the hangover stretching to a third of the year for some, it’s never too early to think about how you will pay for it.

“If you can afford to save regularly to spread the cost, then the earlier you start the less you need to find each month.”

A third of festive spenders saved specifically for Christmas. Over half funded some of their Christmas spending through their salary and around one in three relied on a form of credit, with credit cards being the most popular choice.

Seven per cent ended up dipping into savings.