Start planning Christmas 2011, consumers urged - Savings - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Start planning Christmas 2011, consumers urged

Start planning Christmas 2011, consumers urged

Category: Savings

Updated: 29/12/2010
First Published: 29/12/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Christmas decorations may not yet be packed away, but consumers have been urged to start planning for next year's festive season.

The New Year is a time for a fresh beginning for many, but for others a legacy of overspending at Christmas means thousands will begin 2011 with something of a financial hangover.

Research by discountvouchercodes.co.uk has shown that 83% of the UK public worries about the cost of Christmas.

The Office of Fair Trading (OFT) has advised people to make a resolution to save for Christmas 2011 now, and is providing advice to people wishing to avoid the financial strain of the festive season next year.

The OFT suggests:

  • Planning Christmas early – be realistic about what you are going to need next year and budget accordingly
  • Look at your options, find out about your savings options, as well as Christmas clubs, supermarket stamps and hamper schemes
  • Take action – choose the best option for you and start putting money aside.

If you'd like to start putting some money aside for Christmas next year, Northern Rock's one year bond offers a rate of 3.15% and allows further additions, so you can add to your funds through the coming year.

"It may seem a bit early to be thinking about next Christmas, when many of us are still eating the leftovers from this one," said David Murphy, head of campaigns at the OFT.

"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."

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close