PCCU joins the calls from the Money Advice Trust (MAT) for people to start preparing for Christmas 2018 today by opening a Christmas Savings Account at your local Credit Union.
Joanna Elson OBE, chief executive of the MAT, said
After the celebrations of the Christmas period, January is a challenging time for many households with the impact of festive spending taking its toll on household budgets. With millions expecting to fall behind with their finances in January, we want people to be financially prepared for the year ahead.
According to research conducted for the National Debtline, which MAT run, an estimated 7.9 million people are expecting to fall behind with their finances this January as a result of Christmas costs.
At PCCU we have the perfect solution to help make next Christmas stress free, open the Christmas Savings Account today where account holders save throughout the year but can only access the money from the 1st November to the 31st December – this means the money is used specifically for the expensive festive period.
At the start of this New Year, when resolutions are being made, I would encourage everyone to look at their personal finances and make a plan if they can for 2018 – set a household budget, look at joining a Credit Union in preparation for next Christmas and seek free advice at www.nationaldebtline.org if you are struggling to cope.
Taking these first steps to make a plan for your finances can make a huge difference for the rest of 2018.
The message to prepare for Christmas 2018 today has also been championed nationally by the Association of British Credit Unions (ABCUL). Mark Lyonette, chief executive of ABCUL, urged people to find their local Credit Union to open a Christmas Savings Account, whilst highlighting the important role Credit Unions have in building savings alongside providing affordable loans, when savings do not quite match the money spent over the expensive Christmas and New Year period
Even if you’re not in a position to start saving straight away, Credit Union borrowers are encouraged to save a small amount while they repay their loans – called Save as you Borrow – and recent research by the Fairbanking Foundation shows that 71% of borrowers become regular savers thanks to this approach
If you’re part of the 55% of people surveyed that admitted they did not start saving for Christmas until December, then today is the day to open the Christmas Savings Account at PCCU, where families from the Burnley and Pendle community saved an impressive £160,000 last Christmas.
It is easy to open an account at PCCU. Click here to join online, click to call and speak to a member of staff who will be happy to guide you through your options or leave your details for us to contact you back.