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Rachel Springall, a finance expert at Moneyfacts.co.uk, suggests that, while it may be too late to save enough to cover the cost of this Christmas, starting now could help with next year.

Rachel says: “If consumers saved just £120 a month for the next year then they would have more cash saved than the average cost of this year’s Christmas spend, which American Express estimates to be £1,206 per person.

“The determination and commitment to put cash aside should make next Christmas much more affordable – and possibly less stressful.”