Those planning to buy Christmas hampers for friends and family this year should consider putting money aside for presents in 2012 as well.

That is according to Andrew Hagger, spokesman for moneynet.co.uk, who stated that forward planning will help ensure people do not face a difficult financial situation during next year's festive season.

He said that it is too late to start making meaningful savings for this Christmas, although he did suggest that voucher codes and money-off discounts could help keep costs down.

"It is probably worth thinking about saving now for the following Christmas. Perhaps start putting something aside each month and this time next year you won't find yourself having to drastically cut bills to afford Christmas," Mr Hagger added.

John Hughes, director of retail banking at The Co-operative Bank, made a similar point recently, claiming that effective budget management is essential if consumers are to avoid saddling themselves with debt over the festive period.