Christmas can be a tough time financially. It’s easy to see why as according to the Bank of England, the average UK household spends over £800 more in December, leaving millions of Brits with a large amount of debt in the new year.

We have listed some ideas below to help you ease the financial pressure this Christmas.

Start to Budget Plan

Creating a budget plan that suits you is key to paying off Christmas expenses.

When you budget plan, you need to allocate part of your income to certain things. For example: a) essential expenses e.g. rent/mortgage; b) non-essential expenses e.g. activities/hobbies; and c) savings and debt e.g. saving for Christmas 2020.

How you allocate will decide how quickly you deal with any Christmas over-spending.

To help our members budget plan, we have developed this free budgeting tool on our website: www.serveandprotectcu.co.uk/borrow/budget-planner

Set a Savings Goal

As the average UK household spends over £800 more in December, why not start planning for Christmas 2020 now?

Set yourself a Christmas savings goal today. Saving £70 per month could help you save £840 by this time next year, meaning you have a stress-free Christmas in 2020.

Consider Consolidation

Sometimes, consolidating Christmas debt can be one of the best options. Debt consolidation loans can help reorganise high-interest debts and credit card bills into a single, affordable payment.

We regularly help our members consolidate debt, having helped over 1,900 of our members consolidate approximately £12.5 million over the last 12 months. Why not use check out our personal loans to see if you could also save money by consolidating any existing debt: www.serveandprotectcu.co.uk/borrow

Remember, the financial pressure over Christmas may not be impacting you personally, but it could be affecting your friends, family or even your colleagues. Play your part to help improve the financial resilience of the police family – share this article today.

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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