Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Reverse REPO Market Brewing Financial Crisis Black Swan Danger - 29th Jul 21
Next Time You See "4 Times as Many Stock Market Bulls as There Are Bears," Remember This - 29th Jul 21
USDX: More Sideways Trading Ahead? - 29th Jul 21
WEALTH INEQUALITY WASN'T BY HAPPENSTANCE! - 29th Jul 21
Waiting On Silver - 29th Jul 21
Showdown: Paper vs. Physical Markets - 29th Jul 21
New set of Priorities needed for Unstoppable Global Warming - 29th Jul 21
The US Dollar is the Driver of the Gold & Silver Sectors - 28th Jul 21
Fed: Murderer of Markets and the Middle Class - 28th Jul 21
Gold And Silver – Which Will Have An Explosive Price Rally And Which Will Have A Sustained One? - 28th Jul 21
I Guess The Stock Market Does Not Fear Covid - So Should You? - 28th Jul 21
Eight Do’s and Don’ts For Options Traders - 28th Jul 21
Chasing Value in Unloved by Markets Small Cap Biotech Stocks for the Long-run - 27th Jul 21
Inflation Pressures Persist Despite Biden Propaganda - 27th Jul 21
Gold Investors Wavering - 27th Jul 21
Bogdance - How Binance Scams Futures Traders With Fake Bitcoin Prices to Run Limits and Margin Calls - 27th Jul 21
SPX Going for the Major Stock Market Top? - 27th Jul 21
What Is HND and How It Will Help Your Career Growth? - 27th Jul 21
5 Mobile Apps Day Traders Should Know About - 27th Jul 21
Global Stock Market Investing: Here's the Message of Consumer "Overconfidence" - 25th Jul 21
Gold’s Behavior in Various Parallel Inflation Universes - 25th Jul 21
Indian Delta Variant INFECTED! How infectious, Deadly, Do Vaccines Work? Avoid the PCR Test? - 25th Jul 21
Bitcoin Stock to Flow Model to Infinity and Beyond Price Forecasts - 25th Jul 21
Bitcoin Black Swan - GOOGLE! - 24th Jul 21
Stock Market Stalling Signs? Taking a Look Under the Hood of US Equities - 24th Jul 21
Biden’s Dangerous Inflation Denials - 24th Jul 21
How does CFD trading work - 24th Jul 21
Junior Gold Miners: New Yearly Lows! Will We See a Further Drop? - 23rd Jul 21
Best Forex Strategy for Consistent Profits - 23rd Jul 21
Popular Forex Brokers That You Might Want to Check Out - 22nd Jul 21
Bitcoin Black Swan - Will Crypto Currencies Get Banned? - 22nd Jul 21
Bitcoin Price Enters Stage #4 Excess Phase Peak Breakdown – Where To Next? - 22nd Jul 21
Powell Gave Congress Dovish Signs. Will It Help Gold Price? - 22nd Jul 21
What’s Next For Gold Is Always About The US Dollar - 22nd Jul 21
URGENT! ALL Windows 10 Users Must Do this NOW! Windows Image Backup Before it is Too Late! - 22nd Jul 21
Bitcoin Price CRASH, How to SELL BTC at $40k! Real Analysis vs Shill Coin Pumper's and Clueless Newbs - 21st Jul 21
Emotional Stock Traders React To Recent Market Rotation – Are You Ready For What’s Next? - 21st Jul 21
Killing Driveway Weeds FAST with a Pressure Washer - 8 months Later - Did it work?- Block Paving Weeds - 21st Jul 21
Post-Covid Stimulus Payouts & The US Fed Push Global Investors Deeper Into US Value Bubble - 21st Jul 21
What is Social Trading - 21st Jul 21
Would Transparency Help Crypto? - 21st Jul 21
AI Predicts US Tech Stocks Price Valuations Three Years Ahead (ASVF) - 20th Jul 21
Gold Asks: Has Inflation Already Peaked? - 20th Jul 21
FREE PASS to Analysis and Trend forecasts of 50+ Global Markets by Elliott Wave International - 20th Jul 21
Nissan to Create 1000s of jobs with electric vehicle investment in UK - 20th Jul 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Alarming Lack of Savings Could Affect Christmas Sales Spending

Personal_Finance / Savings Accounts Nov 27, 2018 - 12:38 PM GMT

By: MoneyFacts

Personal_Finance

As consumers are getting engulfed by endless sales offers, those without any savings to spare will likely be worrying about how they will afford Christmas, especially if they don’t want to turn to a credit card or overdraft. A report by the FCA published earlier this year found that more people could be in this situation than one might expect, as they found that more than one in 10 adults has no savings at all.

While there’s little that can be done for Christmas this year, other than to curb spending, the latest release from Moneyfacts.co.uk runs through some of the best savings deals that can be opened right now to start up a savings pot for Christmas 2019.


Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Consumers swept up in the frenzy of Christmas shopping, especially as it’s Cyber Monday, may want to take a step back and see how they are going to afford buying gifts this year, especially if they have managed to store up little to no savings over 2018.

“Earlier this year, the FCA reported that around one in 10 adults has no savings whatsoever (13% of the UK population), which means that many consumers will be covering the cost of Christmas by other means. Relying on short-term finance to cover the cost of the festive spend is not a terrible idea, but it’s important for shoppers to pay off any accumulated balances, to avoid interest charges and so that any debts do not remain hanging overhead in the New Year.

“Those who have felt financially unstable this year may need to take some time out to assess their overall household expenditure and work out whether they could afford to cut back, and how they can build up a savings pot moving forward. There are simple ways to start budgeting, for example by using a free mobile app like Money Dashboard, which can analyse disposable income.

“One way to get into the habit of saving monthly would be to commit to a regular savings account, as these are designed for consumers to make frequent deposits. They are more rigid than easy access accounts and harsh penalties can be applied if payments are missed or withdrawals are made, so they are most suitable for savers who need a strict savings plan and who wish to avoid dipping into their cash early.

“While new customers can earn up to 3.50% on a fixed term regular saver with Saffron Building Society, savers could earn up to 5% on a fixed regular saver if they are prepared to switch their current account to first direct, HSBC, M&S Bank or Nationwide Building Society.

“There are alternatives to regular savers, such as notice accounts for those who have a lump sum to invest, which offer more flexibility but also allow savers to feel safe in the knowledge that they can withdraw their funds by giving some notice. These accounts may be especially desirable for savers expecting higher interest rates next year and who want an opportunity to reinvest their cash, such as in 180 days’ time. If savers are not prepared to lock their money away, they would be wise to consider an easy access account instead; bear in mind that the golden rule of saving towards a goal is to not dip into any pot unless it’s unavoidable.

“If consumers saved just £120 a month for the next year then they would have more cash saved than the average cost of this year’s Christmas spend, which American Express estimates to be £1,206 per person. The determination and commitment to put cash aside should make next Christmas much more affordable – and possibly less stressful – than this one.”

moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way moneyfacts.co.uk ranks products, showing consumers a true picture of the best products based on the criteria they select. The site also provides informative guides and covers the latest consumer finance news, as well as offering a weekly newsletter.

MoneyFacts Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in