Bright alternatives for resourceful Christmas savers
When planning for the Christmas season, the Office of Fair Trading (OFT), suggests there are better alternatives to traditional savings plans than the hampers type of schemes.
In June, the organisation launched its “Save Xmas” campaign to raise awareness of issues relating to the Farepak collapse. And when the hamper company went under in 2006, many of its customers were left without the products they had saved towards - and with no refund forthcoming.
An OFT spokesperson stated, “For some people the hamper schemes are good because of the fact they come to your door and community. We’re not saying how to save your money, we’re just saying be aware of your options.”
Funds invested carefully throughout the year, some of which may have originated through a homeowner loan, could prove to be a more effective means of financing the festive season.
Britons who wish to save as much as possible for the holiday season could add to an invested fund throughout the year – even to the simple tune of £10 or £20 per month – to find the extra money a welcomed relief by the time the Carolers begin to sing.
Such forward planning could stave off the harsher reality of high-interest credit card bills in each New Year, thereby placing individuals in a much stronger position financially, to make wiser decisions with their money.