Christmas is likely to be an expensive time of year for many Brits and those in retirement are no exception, especially if they have lots of grandchildren to buy gifts for.
This could put strain on their limited income and MoneySupermarket.com has offered advice that could be of use to those who are worried about their outgoings.
The price comparison website recommended putting aside just £20 a week in the run-up to Christmas, as this could soon add up to cover a few of the costs of the special day.
Individuals were urged not to make the mistake of thinking they can save money by putting purchases on a store card, as these are often accompanied by high rates of interest that cancel out any initial savings.
Head of banking at MoneySupermarket.com Kevin Mountford said many Brits "have been hit by the rising cost of living" and may be wondering how to finance the holiday.
Research commissioned by the Consumer Credit Counselling Service recently revealed 400,000 over-70s are struggling financially, which could mean following this advice and saving in advance is particularly useful if they do not want to get into debt.
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