UK Credit

North Wales Credit Union warns of temptation to overspend this Christmas

After nearly two years of restrictions, the temptation to overspend for Christmas is stronger than ever, said Ann Francis, Managing Director of Cambrian Credit Union, who has some helpful tips and advice to help you avoid a hangover. New Year’s financial.

After last year’s sleek Christmas season, it looks like this year we are determined to celebrate. I don’t know how it is where you live, but I saw more Christmas trees than ever in November and we know that many of our members started their Christmas shopping in earnest in October. In fact, retailers reported 1.6 million people bought their Christmas puddings in October, up 400,000 from last year. It’s no surprise that we started Christmas earlier, we are all worried it will be canceled – again!

According to the Bank of England, the average UK household spends an additional £ 740 in December, and we can be sure this year is likely to be more expensive – not just because we’re determined to celebrate. Soaring energy prices, product shortages and rising food prices mean inflation is at a 10-year high of 4.2 percent. Everything from gas Christmas pudding to baking turkey will cost us more, which means staying on a budget is more important than ever.

There’s still time to get Christmas spending under control, and here are some tips to help you avoid a New Year’s hangover:

1: Budget and prioritize what makes Christmas special by writing down a list of essentials and sticking to it.

2: Engage your kids in the Christmas budgeting process to teach them the value of money and help them resist the “power of bullying”.

3: Are there any gifts you received last Christmas that you never used? There is still time to sell them and use that money to offset your expenses.

4: Do not purchase your item until you have compared a number of retailers. It has never been easier with online shopping.

5: Don’t be afraid to tell your loved ones if money is tight. You can suggest a family price limit on gifts or invest your time with loved ones, which, with all the restrictions and separations we went through, is worth more than any gift.

6: Why get a Boots Advantage / Tesco Clubcard / Sainsbury’s Nectar if you never claim the points you save? If your loyalty cards are loaded, it’s time to use them on freebies or food.

7: Instead of spending a fortune on cards and stamps, why not go for e-cards and online charity cards.

8: Be smart with the kids to create awesome (sentimental!) Decorations that you can display each year.

Finally, if your budget isn’t growing and you’re planning to borrow this Christmas, be sure to compare the interest rates and the total amount paid, not just the weekly or monthly repayment.

Think about your credit union. As we lend from £ 50 to £ 15,000, no prepayment charges and interest are paid on the declining amount, and you can save money while you borrow to start your Christmas fund for 2022!

  • Cambrian Credit Union is a financial cooperative that offers ethical savings and loans. In the absence of external shareholders, profits are reinvested in the provision of services to members. To learn more, visit