Are You Saving For Christmas?
Published: 29 December 2010 By MoneyHighStreet Staff Leave a Comment
We may only just be getting over this Christmas and not even through the New Year celebrations but people are being urged to include a New Year resolution to save for next Christmas.
Many people have really struggled with their finances this Christmas, some falling into debt to fund christmas presents and their festivities.
The Office of Fair Trading (OFT) is though urging people to consider now their options for saving for Christmas to help avoid personal finance worries. Perhaps add saving as a New Year resolution?
David Murphy, Head of Campaigns at the Office of Fair Trading, said: “It may seem a bit early to be thinking about next Christmas, when many of us are still eating the leftovers from this one. But we want people to be in a position to enjoy Christmas without getting into financial difficulties and that often requires a bit of forward planning.
It’s all too easy to overspend so that we can create a special and memorable time for our friends and family. The idea of saving money can be daunting but there is practical help available.”
The OFT has some practical advice on saving for Christmas, including
- Plan early and make a budget to help you be realistic about waht you can spend
- Consider your options and assess the pros and cons of different savings accounts, for exaple from the post office, a bank, building society or credt union. There are also Christmas clubs, supermarket stamps and hamper schemes. Details on all the options are available at www.consumerdirect.gov.uk/savexmas
- Take action sooner rather than later. Having chosen the best option for you, start putting some money aside.
As John Rhodes, Head of Financial Capability at the Citizens Advice Bureaux comments “Every year we see lots of people struggling with the financial and emotional challenges of post Christmas debt. But with a bit of planning you can look into the options available and set up a savings plan that’s right for you. Why not make a New Year’s Resolution to avoid a Christmas debt hangover next year.’
