The average amount spent by households on Christmas in 2015 was nearly £800, with many families finding themselves getting into debt. With more than 300 days to go until Christmas, the credit union is urging people to start saving now.
The credit union aims to reduce the need to borrow at Christmas by putting away some savings each week into a dedicated account.
Credit Union general manager, James Richards, said “The Christmas Saver Account is a vital service in helping people to budget for the expenses of the festive season. Each year we seem to spend more and more on Christmas, with not just presents but food and drink all contributing to the increasing costs.
“The Credit Union exists to try to enable people to manage their money effectively and helping them to budget for special occasions such as Christmas is one of our key aims.
“Moreover, unlike many of the informal schemes that operate within our local communities, all the money people deposit into an account with the Credit Union is 100 percent safe and secure and guaranteed under the terms of the Financial Services Compensation Scheme.”
The Credit Union will be promoting the Christmas Saver scheme at all of its community-based Service Points, including the Northampton Guildhall, over the next two weeks. Anyone interested in opening a Christmas Saver Account can contact the Credit Union for more information on 01604 250016. People can also drop in to the Credit Union’s Service Point at the Northampton Guildhall, between 10am and 3pm, Monday to Friday.