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40% borrowing or loaning money this Christmas

40% borrowing or loaning money this Christmas

Two-fifths of Brits will be lending or borrowing money to afford Christmas, according to a survey from GetPaidTo’s Christmas Saver Club.

The report, which surveyed 2,000 people, discovered that many of us will be borrowing from family, friends and work colleagues to get through this holiday season, and one in five of us are still paying back last year’s Christmas debt.

Over one-half of Brits admit to not being able to afford Christmas at all and over one in six have taken on additional work to pay for the festivities - with the North East and London seeing the greatest number of people taking on an extra job.

“Clearly we as a nation are developing bad habits of borrowing from loved ones, struggling to pay it back and then suffering again the next year. It’s truly a vicious circle that we really need to work to kick,” comments Karim Wilkins, CEO at GetPaidTo.

“It’s shocking that half of us admit to not being able to afford what should be a happy, joyous time. For many of us, it’s often a case of simply not planning effectively.

“However, nowadays there are options, like the GetPaidTo Christmas Saver Club, that can help people to plan, earn and save ahead of the holidays.”

Below are GetPaidTo’s top tips to help people prepare for Christmas:

1.    Plan! Start thinking about Christmas as early as January

Putting away a little bit of money every month will have a massive impact when the festive period comes around again. A third (32%) of Brits don’t plan when to start saving at all, and only 8% start saving in January. 

2.    Shop around

If you leave your shopping until the last minute, you may end up spending a lot more by panic buying. Shops tend to have deals throughout the year and with most of us starting our Christmas shopping in November (32%), it seems we may be missing out on even earlier deals. Although they don’t plan to be, men are much worse when it comes to last minute Christmas shopping with almost a third (29%) starting their shopping in December.

3.    Use a Christmas Saver club

Only 7% of us take advantage of Christmas Saver Clubs. Such clubs allow people to start planning well in advance and save in manageable chunks. Locking away cash throughout the year and then withdrawing it as a lump sum means people can easily spread the cost of Christmas and not feel the pinch as much when it hits December. Don’t be one of the 31% of Brits who go into debt in December due to Christmas.

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