We've only just had Christmas and as I write this today 6th January, people are packing their Christmas decorations away and children have just gone back to school. Our wallets and purses are probably still suffering from the effects of the Christmas spend. One way we can ease that heavy Christmas 'hit' is to put aside some money every month. You could open a small savings account specifically for this purpose and most Credit Unions, including our own 6Towns credit union will have a special Christmas Account. You save a regular amount, say £20 a month and then draw the money down only in November or December: you cannot ordinarily withdraw the money!
Many people have traditionally used Christmas Clubs and Voucher schemes to save for Christmas. Unfortunately this money is not protected if the scheme fails, you may remember that there was the collapse of the big Farepak scheme a few years ago. However your money is protected by Financial Services Compensation Scheme if you save with a credit union, building society or bank. When you do withdraw your money, you can spend it in any shop unlike store vouchers, which are limited.
You can join 6Towns Credit Union at:
West Bromwich,
B70 9LB
Tel: 0121 553 3110
Email: info@sixtowns.co.uk
www.sixtowns.co.uk
