New research has recently revealed that three in ten of us will still be paying off our Christmas debt in April.
That’s 28% of us who will still be paying off our Christmas debt in three months’ time, according to new research, with over a third (38%) having to borrow money – either through spending on a credit card (23%), getting a payday loan (11%) or dipping into an overdraft (11%).
The new research, by current account provider Uaccount.uk, surveyed 1,000 adults across the UK about their Christmas spending habits.
But here’s how you can save hundreds of pounds in time for next Christmas without it having a big impact on your wallet, starting off by putting just 1p aside on January 1st.
Now, to help people manage their money and spread Christmas costs across the year, Uaccount.uk has created a special Budgeting 365 account which automatically puts aside an increasing amount of money by one penny every day, starting with 1p on day one through to £3.65 on day 365. So, if you start without any money, you will have saved £667.95 one year later!
Other ways to boost your savings are:
Look out for cash bonuses
Some banks offer good deals to switch accounts, and it could be worth it, with some offering a massive £200.
Sell your old possessions
Anything you haven’t touched in 6 months needs to go. Start by selling it on Facebook, by using their Marketplace tool, it’s free!
- A 4 Week Money Challenge for Your Personal Finances
- Printable Savings Goal Chart: Save £300 a Month Challenge
- The 6 Best Expense Tracker Apps You Need in Your Life
Look for deals