Here at Stockport Credit Union we’re already thinking about Christmas 2022 – yes you read that right, because January is a great time to start saving for next Christmas. It’s supposed to be a time filled with joy, but in the current climate the festive season can bring financial stress and instead become a time of financial concern.
One of the ways you can prevent adding debt to your finances, or borrowing from places with high APR later in the year – is to plan ahead and start saving earlier.
- Set up a savings account specifically for Christmas
- Calculate how much you can save on a regular basis
- Set up an automatic transfer so you don’t have to remember to save
- Watch your savings grow!
You’ll find 4 benefits of starting your Christmas savings in January below and if you think we missed some good advice out, let us know by Tweeting us on @StockportCU.
- You’ll be able to plan your Christmas shopping around your budget
It’s easy to get carried away during the holidays and find yourself overspending and buying unnecessary gifts. Starting your saving earlier will give you a budget and you can use it to plan your Christmas shopping – and don’t forget any hosting, decorations and outings you want to take. Your budget can be used for more than just gifts.
- You can start your shopping earlier and make the most of discounts and savings
By starting your savings earlier, you’ll be able to make the most discounts and savings throughout the year, especially as Black Friday is starting earlier every year! Take the time to look around and find the best prices, you can shop in the sales and make the most of things like cashback.
- Reduces financial stress later in the year
If you experience financial worry during December and over Christmas, starting your savings earlier can help to reduce this feeling later in the year. By setting up a savings account for your Christmas and making regular and realistic payments you’ll see your savings grow throughout the year and be able to reduce that worry – your future self will thank you!
- You can avoid ‘buy now, pay later’ and payday loans
In the run up to Christmas we see a rise in people using loan sharks and payday loans to help them fund December, because most people cannot fund Christmas with their December pay packet. When you start saving, even just £5 a week, you’ll be in a far better position to pay for the Christmas you want in 2022.
We’re proud of our Christmas Saver account which helps people prepare for the year ahead. However, please note that our Christmas Saver account is locked account – once money is deposited it can’t be withdrawn until 1st October at the earliest.