16% of people recently questioned in a Money Advice Trust (MAT) internet survey said that they were likely to fall behind with their finances this month as a result of the big Christmas spend.
The good news is that 68% of people questioned thought they were on-track with their post-Christmas budgeting
However, MAT estimates that 7.9 million people will find it difficult to keep their New Year finances on track.
Helen Mason, CEO of Your Credit Union based in High Street Kensington, encourages local residents to take a few minutes to a look at their weekly or monthly outgoings and make a plan for their household budget. Even better, she suggests they start saving now for Christmas 2018.
“Our members tell us that saving even a small amount regularly gives them peace of mind and makes expensive times of year, such as Christmas less stressful.”
Your Credit Union offers easy access savings accounts (from as little as £15 minimum deposit to up to £15,000 per person). Members can save regularly and usually access their savings within the same working day. Savings accounts also have the prospect of an annual dividend
Helen continues “We also offer Christmas savings accounts – credit union members can put away a small amount each week or month running up to Christmas, when they can withdraw the funds.”
For some people the answer may be to consider consolidating their existing debts to reduce monthly repayments.
“New and existing members of Your Credit Union also have access to our affordable loans. Taking a credit union loan to pay off high credit card balances can free up weekly or monthly income that can then be saved for Christmas in a Christmas savings account.”
As your local community bank, Your Credit Union provides easily-accessible and affordable loans from £100 to £7,500, with repayment plans to suit your circumstances and budget. We welcome new members who are working and those on benefit. Repayments can be made easily by standing order, from your wages or by benefits transfer. Interest rates vary according to the amount borrowed; the more you borrow the better the rate. In every interest case is only calculated on the outstanding balance of the loan.
For example, a credit union loan of £1,050 could be paid back over 24 months at just £14.18 a week or £62 a month. The total repaid, including interest would be £1,487 over 2 years. A loan of £7,401 could be repaid at just £43 per week or £180 per month over 5 years at an interest rate of 17.23% Rep APR.
Your Credit Union savings plan for 2018:
To find out more about credit union savings and loan options, call or e mail our friendly credit union team at 346 Kensington High Street to make a loan appointment or ask about timings for our weekly pop-ups in Kensington High Street, Ladbroke Grove, Shepherd’s Bush and Edgware Road.