6 TOP TIPS TO SAVE CASH FOR CHRISTMAS

15-week festive fund can take the pressure off

WE KNOW the kids have only been back at school a month and you haven’t recovered from the big dent in your finances that the summer holidays left.

But now is the time to start planning for a stress-free Christmas and ensure Santa is the only one who ends up in the red.

It might seem like an age away, but to be precise it is just 15 weeks until December 25.

Act now and you’ve got enough time to put a savings plan in place to help you achieve a debt-free festive season.

If you start putting money away this week, it will be easier and you’ll have the chance to save a decent amount towards the big day.

Leave it until November’s payday and you could be forced to rely on expensive overdrafts and credit cards.

Set yourself a target of how much you want to save into your Christmas fund and then you’ll know what you’ll need to do each week to achieve it.

Try to put aside what you can afford each week – every pound you find this side of December 25 is one less pound, plus potential interest, you’ll need to scrape together in the New Year.

A sensible idea is to open a separate savings account for your Christmas stash. Otherwise, if you leave it in your bank account, you may be tempted to dip into it.

Plus you’ll earn a little interest along the way.

The interest you receive on savings accounts is pretty poor at the moment but don’t let that deter you from putting some cash aside. The important thing is to get saving.

The first job to do is set up a standing order to a savings account – either weekly or monthly. If you prefer to deal in cash, then perhaps get a big jar/bottle to start your Christmas fund – but find a good hiding place so no one is tempted to “borrow” from it and make a note of your progress.