71% of people create a budget for the Christmas period, new research shows.
The survey carried out by PayPal reveals that despite their best intentions, 74% overspend.
The majority of the 1,000 people surveyed said they get stressed when it comes to planning their Christmas budgets, while almost 40% would like to have better control over their expenses.
Out of the shoppers who create a budget, 36% allocate spending per person they need to buy for.
Meanwhile, around a quarter of those surveyed said they will skip their work Christmas parties or New Year's Eve parties to reduce costs.
"It's clear that people in Ireland are conscious of the cost associated with Christmas, with many justifying the expense and others overspending," said Maeve Dorman, Senior Vice President at PayPal.
"But this is where "festive maths" comes in," she explained.
"It means planning and sticking to a budget, while being smart with spending."
32% of those surveyed said they plan to pay for goods using loyalty points or rewards, while 28% will compare prices using apps.
In order to track their purchases, 21% said they will use a digital wallet, while 18% will shop online.
When asked what the main benefits of online shopping are, 48% said it saves time, 44% said it allows them to avoid crowds, while 36% said they find better offers.
Looking ahead to the new year, 60% of survey respondents said they usually shop in the January sales, with just over a third picking up presents for the following year.
The expected average spend in the coming January sales is €248.
