Martin Lewis issues warning for people 'not to ruin their lives' this Christmas

Martin Lewis has issued a warning to people about overspending and getting into debt over Christmas.

With the cost of living rising, many Brits are concerned about how they’ll be able to afford Christmas this year and are thinking of ways to cut costs.

Now Lewis has addressed those who are worried about spending a fortune, urging them 'not ruin your lives for Christmas'.

Appearing on ITV's The Martin Lewis Money Show, a member of the audience said she didn’t know how she would be able to afford Christmas now that she’s gone from working full-time to part-time.

Responding to her question, Lewis said: “You know you are not going to be able to spend like you want to.

“If we talk about how we do it in a more disciplined manner, one of the things I always say people do wrong during the festive time, is that they create a lust list.

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“They have a perfect Christmas pictured in their mind of everything that they want and exactly how it is going to be, and then they try and work out how to do it.

“Please don’t do that. That’s likely to lead to debt or disappointment, in your circumstance.

“This is what I’d like you to do - I’d like you to work out how much you have to spend on the Christmas period and then once you know how much money you’ve got, you work out what the best Christmas you can have on that amount of money.

“And if that’s going to be a struggle - Christmas is one day we don't want you to get in debt in the new year. See friends, see family, talk to people, eat, watch the telly and have a good time."

He went on to stress that it was more important to spend time with loved ones, than spend cash.

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The Money Saving Expert has also advised people to cut back on the amount of people they buy for each Christmas - citing a lengthy list of teachers, neighbours and extended family - and said you may even be doing the other person a favour.

Speaking on his podcast, he said: “Sometimes the best gift is releasing people from the obligation of buying for you.

“This year more than ever before we have to be mindful… if you’re giving a gift to someone who may feel obliged to buy back for you and cannot afford it.”