Start saving for next Christmas now, OFT says

Wednesday, 29 December 2010 12:00

The Office of Fair Trading (OFT) has advised people to start saving for next Christmas as early as possible, in order to avoid a "financial hangover" in 2012.

Planning ahead of schedule can allow time for budgeting and enable individuals to be fully prepared for any eventualities that may crop up, it added.

According to the body - which is the UK's consumer and competition authority - there are a variety of options open to savers, with supermarket stamps, hamper schemes, credit union initiatives and traditional post office, bank and building society services.

Head of campaigns at OFT David Murphy said some people may consider it a bit early to be considering next Christmas, but he added thinking ahead could help to avoid financial difficulties.

"It's all too easy to overspend so that we can create a special and memorable time for our friends and family," he explained.

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