Each year there are surveys that look into how much we will spend on Christmas. With the costs of buying gifts, going to parties, travelling to see family and friends and buying Christmas food, the costs can soon mount up.

Figures compiled from the Financial Services Authority (FSA), who surveyed 3,000 people, have shown that on average parents will spend £442 on Christmas this year. However, 40% of those questioned said that they would spend less this year because of the economic downturn.

Whatever you spend on Christmas this year, it is vital that before you shop you set a budget, and that you keep a record of what you spend. The research carried out by the FSA also showed that 16% of parents said they had struggled with money in the last 12 months.

If you are worried about your finances and need advice, call the Consumer Credit Counselling Service (CCCS) on 0800 138 1111, or National Debtline on 0808 808 4000. Both of these charities can give you free, independent and confidential advice.

Here is a review of the other top money stories of the past week commencing 14 December 2009.

moneybasics’ Top Money Stories is taking a break over Christmas but will be back on 11 January 2010.

Tuesday 15th December

Cheques to be phased out by 2018 – The UK Payments Council has said that cheques are due to be phased out by 2018, as long as alternative methods of payment are in place. The first cheque was written 350 years ago and the amount of cheques issued have been in decline for a number of years now, with some supermarkets refusing to accept them as payment. However for some groups, such as charities, school and small businesses, cheques are still regularly used, so over the next 8 years alternative methods of payment will be promoted.

Wednesday 16th December

Pocket money goes up – The BBC has reported that British children received an average of £6.24 a week in pocket money this year, up from £6.13 in 2008, showing a slight rise despite the recession. A survey of 1,202 children aged between eight and 15 found that boys typically received just over a pound more than girls. One in three children said that they saved some of their pocket money and an encouraging 77% of those surveyed said they wanted to know more about saving.

Thursday 17thDecember

Fall in unemployment benefit claims – The number of people claiming unemployment benefits fell last month for the first time since the recession began. Official figures released by the Office for National Statistics (ONS) show that the number claiming Jobseeker's allowance fell by 6,300 to total 1.63m. It is the first monthly decline since February 2008. The rate at which people are losing their jobs also slowed, climbing 21,000 to 2.49m in the three months to October. It is the smallest quarterly increase for nearly 18 months. The statistics reinforced hopes that the economy is starting to recover after the longest recession since the Second World War. Economists expect unemployment to peak at 2.7m or even less next year, below the 3m predicted.

Delays in student loans continue – The fiasco that has surrounded student loans this year continues, as figures from the Student Loans Company (SLC) show that 28,000 students in England are still waiting to receive loans and grants. The SLC have been criticised in a report which has highlighted failings in the system and SLC have promised a shakeup of their management team to make sure that these delays are not repeated. Figures show that there were more than a million applications for support this year, which goes alongside a 10% increase on the amount of applications to university this year.