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Christmas saving schemes: how do they work?

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Christmas always seems to creep up on us, so now is the time to start looking at ways to make it more affordable. There are many different Christmas saving schemes available and they could help you to save a small fortune.

The question is where can you find these schemes and what exactly do they involve?

Understanding Christmas saving schemes

You can find Christmas saving schemes in local shops, supermarkets and national retail stores. Helping you save money on everything from Christmas food to presents and decorations; there’s a scheme to suit your every festive need.

Once you’ve found a scheme you want to take part in, you typically have to pay a small sum of money each month. Just like you would with standard savings, you make regular payments into an account over the course of a year. As soon as Christmas shopping season starts, your money is turned into gift vouchers that you can use to buy everything you need.christmas savign schemes

If you’re taking part in a supermarket Christmas scheme, they do tend to be a little different. Some give you a set amount of money off your Christmas shop each time you spend over a certain amount in the lead up to the festive season. You collect stamps and exchange them nearer the time for money off your shopping.

It’s worth noting that some schemes will require you to save an actual amount each month. You might not be able to choose how much you personally want to save. This is definitely something you should check before you sign up to anything.

When can you join these schemes?

You can join the schemes anytime you like. You can even choose to open an account on Boxing Day ready for next year. The earlier you start saving, the better your Christmas will be the year after.

The thing to remember is that once you’ve joined a scheme, you won’t be able to get access to the money or vouchers until around November/December time. This is great if you’re tempted to spend your savings throughout the year.

The advantages of a Christmas saving scheme

Without a doubt, the main advantage of a Christmas savings scheme is the fact you get to spread the cost of Christmas.

When you leave it until the last minute you might not have the funds available to pay for everything. You’ll also forget about the payments you’re making throughout the year and be pleasantly surprised when they reap the rewards later in the year.

Check the small print

Always look at each scheme in detail before you sign up as there could be a number of restrictions placed upon you.

It is often worth taking part in these schemes as they can save you a lot of money. You just need to be sure that you take your time to choose the right scheme to suit your needs. Also make sure you always consider the disadvantages as well as the advantages. Supermarket and hamper schemes are particularly great to participate in. You don’t have to pay anything to sign up, you just need to start paying a set amount in each month depending upon the scheme.



About Jemma Porter

About Jemma Porter

Jemma Porter is an experienced content creator who has written for a number of online publications. A self-confessed penny pincher; she's often found seeking out the best personal finance deals.

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