Christmas Present Tactics To Help Save Money

With so many trying to save money, families are employing more tactics this year for Christmas present buying – including ‘Secret Santa’ and agreeing a financial limit for gifts.

Research from American Express Platinum Cashback Credit Card shows that families are adopting new present buying tactics this year to help keep their Christmas costs down, with one in four people planning to employ a ‘Secret Santa’ system – selecting just one member of their family or group of friends that they will be responsible for buying a gift for.

Other tactics are being employed too, including

• striking a deal with loved ones to agree a financial limit on what they will spend on each other
• requesting specific gifts from loved ones to make sure the things they especially want or need end up under their Christmas tree
• requesting gift lists from family and friends to avoid money being spent on unwanted presents
• giving vouchers or cash to ensure unwanted presents are not bought

Julie Hay, Head of Credit Cards at American Express, said: “Christmas 2011 looks set to be the year of tactical gifting. With family finances stretched, people are making strategic choices about their ‘must gives’ this year.

“To avoid disappointments or surprises on the big day, they are also making advance agreements with family and friends on ways to collectively reduce financial pressures without compromising on festive spirit.”

Interestingly, despite the financial concerns, American Express research reveals UK adults plan to spend £364 on average on presents for Christmas 2011, compared to £307 for Christmas 2009, and £260 for Christmas 2007.

Some 25% of parents plan to splash out in excess of £100 on gifts for their children, and 20% of adults expect to spend more than £100 on their other half.

As well as looking at ways to save money, there is also the option to look at ways to get cashback, for example through cashback credit cards.

The American Express Platinum Cashback Card* is the only cashback card currently on the market where you’ll always get at least 1.25% cashback – regardless of how much you spend or what you spend it on.

MoneyHighStreet comments: “Christmas can be an expensive time and with so much focus currently on trying to save money, it’s good to see families are looking at creative ways to save money or at least spend money on presents that are going to be wanted.

“Making the most of the money you have to spend is important – shopping online or overseas, making use of special offers, voucher codes and maybe reward points from retailers can all help.

“As can making a buget for your Christmas festivities – although of course having made one you need to stick to it, something that many don’t do!”

* For more information or to apply for a Card visit: www.amex.co.uk/platcashback