As if the costs of presents and decorations aren't enough, families also need to factor food spending into their festive budgets.
But new research suggests it is food which might have placed extra strain on parents this year, as a typical basket of festive goods has increased in price by 7.5% since last December.
According to the Office for National Statistics (ONS), while shoppers had to splash out £99.82 on Christmas items last year, this has now risen to £107.32 in just 12 months - causing a early Yuletide headache for many of us.
Filter coffee and cream crackers have increased in value the most, while the cost of turkey steaks has gone up by 3.8% to reach £8.15 per kg on average.
However, there is better news for those of us who use lots of vegetables over the Christmas break, as the costs of carrots have fallen by more than a fifth this year.
Old white potatoes and new potatoes have also become cheaper for people to buy, the ONS said.
Check out this guide to savvy supermarket shopping in order to ensure your budget doesn't become overstretched this Christmas.