How to keep your cash in check over the festive season

Christmas doesn't have to be a financial nightmare with a few tweaks when it comes to spending

- By LISA SALMON

The Christmas wish of many parents is to give their kids the best of everything - even if it means sacrifices for themselves.

In fact, new research shows nearly half of parents (46%) say they'll prioritise their children's Christmas experience over every other area of household spending this year.

And the study by thinkmoney found almost a third (29%) of parents say they'll socialise less to cover the cost, while 27% will forgo their treats and 22% will sacrifice trips or weekends away.

Parents sacrificing nights out (35%), and not buying adult gifts (31%) and new clothes (26%) mean they'll save an average of £132 this Christmas. But it's not just treats and luxuries that have been put on the back burner - even the basics aren't off limits, with one in 10 parents (9%) saying they'll scale back their food shop or heating to make sure the big day still delivers.

"Parents are trying to give their kids the kind of Christmas they remember from their own childhood, but they're doing it in completely different economic conditions," says Vix Leyton, a consumer expert at thinkmoney.

"You can't explain inflation or energy bills to a six-year-old who just wants Santa to bring the same toys their friends are talking about. But what's really striking is how much people are willing to give up to make it happen - nights out, treats, even warmth at home - and it's coming from love, not indulgence."