Households suggested to start saving for next Christmas

Published: Wilson Clark

On: Jan 2018

According to a recent buzz, the low-earning households are strongly expected to start saving money from this time onwards for the next holiday season of Christmas.

The debt charity called as the Money Advice Trust(MAT) is urging that the consumers who literally struggle with household savings to budget for the New Year ahead. One easy idea is to join a credit union.

A recently conducted an internet survey for the MAT also recommends that the large number of people will their finances this January 2018 as compared to the case last year.

Around 16 percent of people questioned said that they were possibly or very possibly to fall behind with their earnings in the month of January due to the Christmas 2017 spending.

MAT said that it subjected to almost 7.9 million people and this amount compares with 11 % as per similar poll carried out last year. While the majority of 68 % people said that they would definitely gather sufficient money during the month.

Small-scale households are advised to begin saving now

The poll urged that over half of households in the country began saving for the Christmas Eve in the December month. The MAT suggests one option for saving money throughout the year using a credit union which is community-owned organizations that offer savings accounts and low-cost loans.

Joanna Elson, the Chief executive of the MAT said that, “With The start of this New year, when new resolutions are being made, I would encourage everyone to take a look at their personal finances and meanwhile make a plan if they can for the year 2018. Set a household budget and join a credit union in the preparation for the next season of Christmas. If you are struggling to cope, then seek free advice at www.nationaldebtline.org.”

People who open savings account for Christmas with credit unions can use their later in the year.

The chief executive of the Association of British Credit Unions ltd. Mark Lynoette said that, the credit unions around the country that help their members to save towards the costs of Christmas with the appointed Christmas savings accounts that lock funds away as well as make them available as the festival approach.”

The MAT advices households to:

  • Make a proper plan for 2018, using budgeting for each month.
  • Join a credit union and you will find a complete list there.
  • Try to deal with any debts as soon as possible.