Christmas shopping in the summer sun

National World - LocalTV

With the cost of living crisis showing no signs of letting up, we talk to finance expert, Kevin Mountford, about why more and more people are starting to prepare for Christmas as early as June.

Transcript

00:00I think, first of all, it's a real positive that people are looking to plan ahead.

00:06Give you an example from Raisin.

00:08We saw an increase in interest in things like short-term fixed bonds,

00:13so three months, six months, nine months.

00:15And it was very evident that people are using that.

00:18First of all, they can't dip into those savings.

00:21But the second thing being they're normally saving short-term for a particular event.

00:26Yeah, if you keep putting Christmas off until Christmas,

00:28you haven't got to worry about it until then.

00:29And so how can this start early without feeling overwhelmed?

00:32As a nation, particularly through cost of living,

00:35we became a lot smarter in the way that we shop.

00:39So again, from recent research, people are tending to buy things in the sales

00:44with presents or gifts for Christmas in mind.

00:48People are buying certain things that have obviously got a long-term shelf life

00:53because the more you buy, typically, the cheaper it gets per unit.

00:56So there's different things.

00:57I think things like loyalty schemes.

00:59So we see a lot of people, particularly with supermarket schemes,

01:04using the loyalty product, the loyalty scheme that they've got

01:08and any points they've built up for the Christmas spending.

01:11And for people who are struggling with energy bills now,

01:15what practical steps can they take to reduce their winter costs

01:19and avoid the financial crunch in the holiday season?

01:21That there are kind of good practices that we can put in place.

01:25So even the kind of cycle that you're putting on the washing machine and dishwasher

01:29or wherever it may be.

01:31So I think there are better habits we can get into,

01:34which hopefully means that you're reducing the potential financial burden.

01:39That said, people, as you've mentioned, will get into debt,

01:43particularly in the winter.

01:45Make sure that if you feel that you're getting some problems,

01:47you do take action because it'll spiral out of control.

01:51So speak to your provider.

01:52There are numerous charities that can support you as well.

01:56But don't bury your head in the sand.

01:58How can you balance that emotional pressure

02:00with trying to stay financially responsible at Christmas?

02:04You know, you don't want to take away the enjoyment of it,

02:08but that enjoyment would be short-lived if you're overspending.

02:12So I think the budgeting, the discipline around it,

02:14and as we said, plan for the event well in advance.

02:18It comes around every year and we get the same pressures every year.

02:21So the more we can plan effectively,

02:23the easier that burden will be when we reach December.

02:26So the more we can plan effectively,

Category

Transcript

Recommended