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Christmas made easier with cash savings

It's begun - the adverts on the television, the decorations in shops and the special chocolates in supermarkets. However much we might disagree with it - after all it is only September! - Christmas has crept up on us already and for many of us the time has come to start thinking, and perhaps worrying, about how we are going to fund this year's holidays.

In the current economic climate, Christmas and other holidays which inevitably involve a big spend, have become more of a terrifying burden than an exciting celebration. Credit card bills mount up and it becomes hard to keep track of what you've saved versus what you're spending. It was estimated that last year 7% of the adult population in the UK (3.8 million) were pushed into debt during the festive season. And the main cause of this debt? Credit cards, overdrafts and loans - all of which spiralled out of control during the holiday season.

Now while many of you many shake your heads at me for even suggesting that you start thinking about the holidays when you've only just begun to think about the new academic year, please give me a moment to explain myself. What I am proposing is a cash solution which may help to ease some of the festive financial stresses.

Rather than relying on credit cards and loans in order to fund your holidays, ensure that you are only spending what you have saved. And how do you keep track of your savings? Keep it in a physical cash form. When using debit and credit cards, your account balances are all too easy to avoid and before you know it, your overdraft limit has been breached and your accounts have been drained.

So start your Christmas savings early and ensure that they are easily controllable. Begin a Christmas cash fund - invest in a piggy bank, give the key to someone trustworthy and vow that you will put away a little bit each day, week, month to contribute to your yuletide funds. Be it a fiver a day, or a fiver a week, every little will help to ensure that you have some cash to turn to when you need it the most. It might not seem like much right now - particularly as the leaves haven't even begun to brown! - but come December you will be exceedingly grateful for your Christmas cash fund.

Set yourself the Cash is Cool Christmas cash challenge now and see what targets you can reach within the next couple of weeks. Let us know how you get on by checking in on our Facebook page or following us on Twitter @Cash_is_cool.

Monday, 19th September 2011

Tags:   cash  /  christmas  /  debt  /  savings  /  credit card  /  debit card  /  presents
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