Budget for next Christmas 'by saving throughout the year'

Brits who have funded this year's festive celebrations with disciplined credit card spending could make a budget plan for next year by starting to save as soon as possible.

Spokesman for Moneynet.co.uk Andrew Hagger claimed setting some money aside throughout the year is a very good option.

He recommended making use of a savings account in order to do this.

"I guess it makes sense to dip into that to cover your Christmas expense and that would certainly be the best way to go about things," the expert explained.

Mr Hagger also noted a more frugal approach to credit card spending could make it possible to save more and this could also improve a bad credit rating.

Indeed, personal finance expert at uSwitch.com Michael Ossei recently claimed financial discipline is the best way to avoid a Christmas debt hangover, as research conducted by his firm found 27 per cent of UK adults will find themselves owing money as a result of the celebrations.

Posted by Tom Burroughs