If you haven't already started to think about how you are going to pay for the forthcoming festivities, it's time to start planning otherwise you could wake up to a nasty debt hangover come January. But research from Britannia Building Society reveals only nine percent of us save for 11 to 12 months to pay for Christmas. Those lucky enough to get a large bonus in their Christmas pay-packet don't need to fret but for the rest of us, there's the option of going without, raiding the piggy bank or getting into debt. Britannia says that the average amount spent last Christmas by a household with children was £840 and only £200 less for those without children - paying as much as that out of two pay packets is hard for most people - don't forget you will have to survive on this until the end of January and it's not going to cover much. Is your current account the best one for you? "Cheque out" the competition with our comparison services to find out. Keep to your budget Whether you have savings or not, the first thing you must do is work out a budget. Once you have a figured out how much you can afford to spend you can work out how much you can put aside for presents, food and drink, entertainment and maybe even an holiday. But remember, the hard bit about budgeting is sticking to it. Christmas on the cards A large proportion of you may still find that you still need to borrow so you'll need to find the cheapest way. You might find that an overdraft is quite sufficient. As you can repay the sum without penalty. Credit cards also provide flexible credit and zero-rated credit cards are always the best option. But you need to have a good credit rating and you have to be disciplined to repay the debt over the offer period otherwise you can start paying hefty interest rates. Find credit cards with long interest free periods. Or, if you need a larger balance, you might find an unsecured personal loan more suitable - they are cheaper than the normal interest rates on credit cards. Looking to borrow money? Check out the most competitive unsecured loans around right here. However, you must remember the basic rule about credit - the longer you take to pay it off, the more you will pay out in interest. Planning Christmas 2008