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Plan ahead and avoid the stress this Christmas

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Don’t make the same mistake you did last year. Plan your Christmas finances in advance and avoid the anxiety of financial pressure over the holiday period in 2012.

If you are still recovering from last month’s budget blow out there is no better time than now to re-evaluate your finances and get organised for Christmas this year.

Chief Executive for Abacus (the governing body for Australian Mutual banks, credit unions and building societies), Louise Petschler recommends a Christmas Club account, saying they are a great way to build up a lump sum in time for the festive season.

"You can set them up simply and with mutuals have an automatic transfer of a small amount of money from one of your other accounts or your main transaction account," says Petschler.

Whilst very few banks offer Christmas Club accounts consumer feedback indicates that members see great value in the accounts as it helps to prevent the accumulation of credit card debt over the Christmas period.

Christmas Club accounts are commonly used not only for Christmas presents but to contribute to the substantial grocery bills that can build up over the holiday season.

"You get the opportunity to incrementally save towards your big event costs with a better interest rate," Petschler says.

Once a plan is in place for the new year you can focus on paying off your debts from last year. If you are juggling multiple debts, like store and credit cards, considering consolidating them into one low rate personal loan. By consolidating your debts you could save on interest and have only one loan repayment to worry about.

We can help you plan for next Christmas. We have a wide range of debt consolidation options and can help you work out a repayment plan as well as plan your savings for next Christmas. Get in touch with us today.