Feeling the Financial Strain After Christmas? Start Planning for Next Year Now!

For many of us January can be a difficult month - after the all excitement in the run up to Christmas it is often not until the New Year begins that we take stock of our festive spending. This can lead to an unpleasant surprise when we realise that we have inevitably spent more than we thought, have less in the bank and it's still another 3 weeks until pay day!

It is very easy to be caught up in the festive spirit and leave yourself short in the New Year. For some people this may be only a short term problem, solved once January's salary arrives.

However, for others overspending at Christmas can have a knock on effect throughout the coming 12 months and starting the year with a debt hangover is something we would all like to avoid. So how can we make sure it doesn't happen next year?

There are several ways to be proactive, get ahead and start saving so that, as Christmas approaches, some money has already been put aside. These include:

• Opening a standard bank and/or building society savings account and putting aside a specified amount each week or month;
• Special building society Christmas accounts;
• Credit union savings accounts;
• Special credit union Christmas savings account;
• Post Office® Christmas Club (with the Bank of Ireland);
• Christmas clubs with local shops  (like butchers, corner shops and toy shops);
• Supermarket stamp schemes for Christmas;
• Christmas hamper and voucher schemes.

All of the above suggestions will have its own associated method of paying in and paying out, so anyone considering using one of these saving schemes should make sure that it is the best option for them individually.

For all those people who find themselves with post Christmas debt problems, remember;

• Don't ignore the problem. it won't get better or go away by itself!
• Inform your creditors of the situation and explain what you can afford to pay;
• Get specialist debt advice ASAP - Citizens Advice has bureaux all across Northern Ireland who offer a free, impartial debt service