An expert has shared a way that can people can save £1,000 for Christmas.
Although it is still only summer, savings experts from money.co.uk explained how now is an ideal time to start saving for an expensive festive period. Lucinda O'Brien said: "It may feel early to start saving for Christmas as we enter July and people are busy thinking about their summer holidays and plans.
"But with less than six months to go until Christmas, the clock is ticking to financially prepare for the expensive festive period. Christmas is supposed to be a time to enjoy but for many it ends up being a huge stress year on year, with the financial impact often trickling months into the new year as people are forced to pay off hefty credit card debts."
Research from the money saving experts found that almost 30% of credit card users expected to spend over £1,000 on their credit cards during Christmas, with around 23% of people expecting to pay off this debt six months after the festive period.
However, the experts have explained how putting away £7 a day from now will enable you to save more than £1,000 by the start of December in time for gift purchases and the all-important Christmas dinner food shop.
Ms O'Brien added: "To help with this and getting in control of your spending, you can make use of free online budgeting tools to keep track of your pay, benefits and regular outgoings all in one place, allowing you to save your budget plan and return to it at any time. You can then use this tool to create an ‘envelope’ budget - separating your money out into pots, or envelopes, for spending on different things - including Christmas."
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