Save now for next Christmas

Christmas is over for another year, the decorations and cards have been taken down, and life can get back to normal.  However, millions of us are still paying for the cost of Christmas 2006 and the credit card bills are still to drop through our letterboxes for 2007.  Why not start to prepare for next Christmas now by opening a credit union Christmas savings account?  If you start planning for Christmas 2008 now, you could easily save up several hundred pounds without having to resort to credit or loans.

Anyone in West Lothian can join at least one of the three credit unions operating in the area, and it is easy to set up an account to put away as little as £5 a month.  There are several different ways to pay in, including cash or standing order/direct debit, and you are encouraged to save small amounts regularly.  If you find that you need some extra money, the credit union may be able to help you out with a low-interest loan, and you can still continue saving with the credit union while you repay the loan.

Your money is protected in a credit union as it would be in a bank or building society – in the unlikely event that the credit union folded, you would receive all your money back up to £35,000.  And, for most people, your savings and loans are covered by free life insurance.

Liam Murphy, chairman of West Lothian Credit Union Forum, says: “Make a positive start to the year by planning and saving with the credit union for those big events in 2008 - a holiday, wedding, Christmas. Many of our members tell us they had no savings until they joined their credit union.”

If you want this information in Welsh, please contact us and we will send it to you.