News Plan ahead and avoid stress this Christmas
If you are still recovering from last month’s budget blow-out there is no better time than now to re-evaluate your finances and get organised for Christmas this year.
Chief Executive of Abacus (the governing body for Australian credit unions), Louise Petschler, recommends a Christmas Saver account, saying they are a great way to build up a lump sum in time for the festive season.
"You can set them up simply at your credit union, with an automatic transfer of a small amount of money from one of your other accounts or your main transaction account," says Petschler.
Whilst very few banks offer Christmas Saver accounts, consumer feedback indicates that members see great value in the accounts, as it helps to prevent the accumulation of credit card debt over the Christmas period.
Christmas Saver accounts are commonly used not only for Christmas presents but to contribute to the substantial grocery bills that can build up over the holiday season.
"You get the opportunity to incrementally save towards your big event costs with a better interest rate," Petschler says.
Once a plan is in place for the new year you can focus on paying off your debts from last year. If you are juggling multiple debts, like store and credit cards, considering consolidating them into one low rate personal loan. By consolidating your debts you could save on interest and have only one loan repayment to worry about.
First Option can help you plan for next Christmas. We also have a wide range of debt consolidation options and can help you work out a repayment plan as well as plan your savings for next Christmas. Contact First Option today to discuss your needs, or use our online service to open a Christmas Saver account or apply for a loan.
SPECIAL OFFER: Open a new Christmas Saver account before 31 March 2012 for a bonus $10.00 into the account. (Terms and conditions apply)
