Just like last year, this year I’m popping £10 a week away into a separate account, for Christmas.
It worked great last year & we actually over-saved, as a lot of our gifts came from charity shops or on good sales throughout the year. We also came to an agreement with extended family to not buy presents so didn’t have any much to buy.
I keep seeing these ‘save now with us for Christmas’ adverts where you give a company money throughout the year and then can take it back as gift cards or vouchers before Christmas. What’s the point?
I understand that people want somewhere to put their savings where they can’t touch it throughout the year, in order to save properly for Christmas. But one of these companies went bust a few years ago and there really is no benefit of doing it, apart from the money being untouchable.
The fact it’s untouchable isn’t a good thing, what if you REALLY need that money, perhaps if someone dies, or you have an emergency which is far more important than having the perfect Christmas? As the high street continues to see companies disappear, do you really want to have to use vouchers for specific shops? What if you find the item cheaper elsewhere where you can’t use one of the gift cards?
If you are motivated enough to be able to save X amount per week or month for Christmas, you should be able to not touch it. Maybe set up an account at a different bank or building society purely for this Christmas saving, so you’re less likely to touch it. I have noticed Chorley Building Society do a ‘Santa Saver’ which you can’t withdraw from until it matures at the end of October & I’m told by Sara at Debt Camel that quite a few credit unions offer them too, like this one.