Plan your Christmas finances to ensure a happy New Year

Plan your Christmas finances to ensure a happy New Year

13 December 2017

Christmas money savingFor many, Christmas is the most wonderful time of the year. But others are left counting the financial cost of the festivities long after the decorations have been taken down.

CILEx Benevolent Fund, which exists to provide access to relevant guidance, information and support to CILEx members in England and Wales who find themselves in unavoidable financial hardship, is concerned that some members will encounter undue stress after racking up debts this Christmas.

Simon Wells, a lay trustee and chairperson of CILEx Benevolent Fund, explains: ‘We recognise that Christmas can be a time of joy for many, but it can come at a high financial cost for others.

‘Down the years, we’ve noted that CILEx Benevolent Fund receives far fewer calls seeking practical financial guidance in December as our members juggle work and family commitments.

‘But in January and February the reality of overspending quickly bites, and that’s when we hear from an increasing number of members who struggle to find the money they need on a daily basis.

‘The best advice is to plan ahead and make financial decisions based on what you can genuinely afford rather than making emotional buys in the run-up to Christmas.’

CILEx Benevolent Fund provides members with financial advice, in addition to offering grants to those experiencing one-off instances of extreme financial hardship, which are assessed on an individual basis.

Simon Wells adds: ‘At CILEx Benevolent Fund, we know from speaking to members on a regular basis that debt frequently brings with it long-term anxieties.

 ‘Your friends and loved ones wouldn’t want you to place yourself in that position, so plan ahead and know exactly what you can and can’t afford before it becomes an issue.’ 

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