Savings are not just for Christmas

This is according to Santander, which has found that a third of savers are expected to spend nearly 9 per cent of the money they have put to one side on the festive season.

A survey from the company revealed 59 per cent of us are planning to cut back on spending this Christmas.

Over One million people's finances are so bad that they are considering returning gifts in exchange for money.

It's clear that many people are planning ahead and scaling back this Christmas in an effort to reduce their spending.

The bank recently announced it is to cut its 90 per cent first time buyers mortgage to 5.99 per cent interest, among other home loan deals.