Christmas is an enjoyable time of year, but it can also become expensive, especially with the ongoing cost of living pressures. Recent research shows that many adults in Great Britain are still concerned about how much they will need to spend during the festive period. Even though most people look forward to Christmas, a large number continue to worry about the financial impact.

If you reach a point where you are thinking about borrowing, it is important to take your time and make responsible, informed choices.

At Credit Unions of Wales, our priority is to help you make the right decision for your circumstances. Below are some practical tips to help you manage your spending this Christmas.

Set a realistic budget
Look at what you can afford without affecting essential costs such as rent, utilities and other regular bills. Make use of our free budgeting tools here.

Plan your spending
Write down what you need to buy before you start shopping. Try to avoid impulse purchases and keep track of what you have already spent.

Review last year’s spending
Think about what you bought last Christmas and identify areas where you can reduce costs this year.

If you still feel you need to borrow in order to cover Christmas expenses, your local credit union may be able to help. You can apply for a loan and also open a savings account so you can start preparing for next year.

Why choose a credit union

• We are a not for profit organisation owned by our members.
• Each loan application is assessed based on affordability, not only on your credit score.
• You save while you repay your loan.
• Interest is charged on the reducing balance, and there are no hidden fees or penalties for early repayment.
• We are regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Make informed financial decisions this festive season. If you would like to join your local credit union, you can begin the process today.

Happy Holidays.