Thursday 22 February 2018

100 days ‘til Christmas: Experts advise to start saving for the financial hit this week

Financial advisors have warned Irish people to begin saving for the holiday now.
Financial advisors have warned Irish people to begin saving for the holiday now.
Patricia Murphy

Patricia Murphy

Mentioning the word Christmas in September is enough to activate a barrage of Bah-Humbugs but financial experts have advised that now is time to begin saving for the huge financial hit.

There’s just 100 days to go until Ireland is tucking into the bird but new research has revealed that many Irish people have already begun to purchase gifts to save themselves stress come December.

Although it might seem mad to buy presents more than three months in advance of the holiday, experts credited those who are breaking their expenses into monthly costs as it will save them financial stress come Christmas time.

Savings expert Julie Hutchinson from Standard Life revealed that planning in advance of the holiday is the key, with the average family Christmas in Ireland costing in excess of €900.

She reckons that putting away just €20 each week ahead of Christmas will help ease the strain on Irish bank accounts.

Other money-saving methods include organising a Secret Santa or agreeing a maximum price for presents.

“If you are buying for young children they will be unaware of the price so there is little point in going overboard with top-of-the-range gifts,” she said.

“Similarly, if you know someone has simple tastes, do not opt for designer gear if they would be happy with a more basic version.”

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