Four ways to start saving for Christmas now so you’re not caught out in December
IT may only be August but as the end of summer draws closer, it will soon be time to plan for Christmas.
If you’re worried about costs, start building your savings now so you don’t get caught out come December.
Here are some ideas on budgeting for the big day . . .
ASDA: Members of the supermarket’s loyalty scheme can transfer up to £300 of earned cash pots into its Christmas Saver scheme for a reward.
Users get a one-off boost of between £1 and £5, depending on how much is moved. It needs to be £40 or more to get the full £5 bonus.
The reward is credited at the end of November so the Christmas pot can be converted into vouchers.
TESCO: Opt in to Tesco’s Christmas Saver through your Clubcard account and vouchers earned will be stored and sent out with your November statement.
Top up your account with cash to get a bonus, also paid in November.
A maximum boost of £12 is available if you top up by at least £200 before October 18.
HYPERJAR: You can siphon cash into a digital Christmas savings pot with app Hyperjar.
Link your Christmas savings jar to specific retailers, for example toy shops, and the app will block you from spending cash elsewhere. You can also boost your spending power with selected brands by committing money to them.
For example, cash earmarked for Tui or Decathlon currently has an annual growth rate of 4.8 per cent.
DIY SAVINGS ACCOUNT: Pop cash aside for December in an easy-access savings account and you’ll earn interest from now till then.
Pick one that pays interest monthly.
For example, the Post Office’s online Savers Issue 68 has a 4.7 per cent monthly rate and can be opened with just £1. If you put £255 in now, you would earn an extra £1 a month before Christmas.
Savings account dosh is also protected by an industry compensation scheme should the provider go bust.
- All prices on page correct at time of going to press. Deals and offers subject to availability.
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