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Managing the Cost of Christmas

Christmas can be the most expensive time of year and it can sometimes be hard to find the money to pay for everything. As well as spending money on additional food, presents for family and celebrating with friends, increased energy costs due to cold weather, the cost-of-living crisis and visiting family can also add up quickly, creating an additional level of stress.

We know from the people we talk to that this Christmas is likely to be harder than most, and for many of us money will be tight. But we would urge people not to turn to high-cost lenders, payday loans or expensive credit card debt. The Credit Union offers a range of fair and affordable loans which not only charge lower rates of interest, with no hidden extras, but can help you build up a savings pot for the future.


Low-Cost loans.

If you need to borrow some money to cover the cost of presents for the kids or food for the family, one of our low-cost loans could be the answer. Whether you need a few hundred pounds or access to larger amounts, by joining the Credit Union you can benefit from one of a range of loans to meet your needs.

With our Saver Loan, for example, you can borrow the amount you need now, while at the same time putting a little bit each month into savings, helping to build up a nest egg for next Christmas and beyond. You can apply for a Saver Loan at any time and, once your loan has been approved and you have joined the Credit Union, all it needs is an opening savings deposit of £50.


Christmas Savings.

While it may be a little late to start saving for this Christmas, if you open one of our Christmas savings accounts you can start saving straight away, which could make all the difference next year. Just putting a little bit away each week can make a huge difference and will help you to build up a nest egg to cover the cost of future Christmases.

You can save as little or as much as you like with the Credit Union and there is no minimum level of savings (unless you’re using our Saver Loan). We want to make it as easy as possible for people to save and our members can save by standing order directly from their bank. Employees of organisations that participate in our payroll deduction scheme can even have savings (or loan repayments) deducted directly from their salary.

Credit Union Chief Executive Martin Groombridge said: “Christmas can be a costly time for all of us, and especially for those with kids, but it’s important you don’t build up expensive debts to pay for it. At the Credit Union, we would never encourage you to borrow more than you can afford, but one of our fair and affordable loans could be just the solution you need. Whether you need to borrow a little bit for this Christmas or would like to start planning your savings for next Christmas, the Credit Union is here to help.”


Top Tips for Managing the cost of Christmas.

  • Prepare and plan: Use the Credit Union budget planner
  • Make a list of things you need to buy (presents, food, travel…)
  • Set an upper budget and stick to it
  • Open a Christmas Savings Club with the Credit Union


What is the Deadline for Christmas Loan Applications?

We know how important this time of year is. To make sure we have time to look at your application and to get the money to you in time for Christmas, please make sure you have applied before 5pm Fri 15th Dec.



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