Top five tips to cut costs at Christmas

1. Make a budget and stick to it. You don't need to buy a present for every person you've ever met, so be strict about who makes it onto the list and don't be tempted to blow more than your budget.

2. Homemade presents can save you money but make sure you've got enough time set aside to make them and choose your presents wisely so you don't end up spending a fortune on all the ingredients.

3. Do your research - always check on the internet for cheaper versions before heading out to do your gift shopping.

4. Use vouchers to cut the cost. Shops offer discount vouchers almost everywhere, so check newspapers, magazines and online before parting with your cash.

5. Begin planning early and save throughout the year. Putting away a small amount into an instant access account will provide you with a savings pot for Christmas and you'll earn interest on this. This is something to consider for Christmas 2012.