How much do you need to save for Christmas?

Australians racked up more than $22.5 billion on credit cards in the lead-up to Christmas last year and took out a further $757 million in cash advances.

Last year Australians spent about $511 each for a national total of $8.5 billion on Christmas gifts. One third of Aussies felt pressure to spend more than they could afford. Half planned to use their credit card to cover the gap.

With three months to go until Christmas, now could be time to start putting a few dollars away regularly to get to that $511 needed to buy presents. Plus don’t forget the other expenses that Christmas brings, like food and drink, travel and socialising.

Source: Herald Sun