If you've found yourself struggling to scrape the pennies together this Christmas, you'll be interested to know that with a little commitment and forward planning you can save yourself the same hassle next year.
Savings Accounts
If you haven't yet opened an interest-earning savings account, now might be a good time to do so. The AA has just launched an account which pays a market-leading rate of 3.20% annual interest (before tax) for the first year.
The account can be opened with just £1 so it's a great product if you can't afford a sizable deposit. It's an easy access account so you can withdraw the savings when and if you need to, although it's recommended that you leave them in place as long as possible for maximum returns.
If you have a savings account which isn't performing too well - maybe you've had it for a long time and have lost the introductory bonus rate – then it's worth looking around to see what deals are currently available to transfer your savings to.
Debt Management
Having lots of debts hanging over your head can mean that Christmas is a time of year to dread. Choosing between paying X amount off a credit card debt or buying your loved one a gift isn't a nice choice to have to make.
But by tackling your debts now you can at least look forward to Christmas 2012 with less trepidation.
Setting up a solid debt management plan is vital; if your debts are quite low then this might just be a case of allocating a set sum to each creditor over and above the minimum payment.
For higher, or numerous debts, then taking out consolidation or bad credit loans can be a worthwhile step. Although it seems silly to take on more debt at this stage, having all your payments consolidated into one can greatly help you to manage the repayments.
Sporadic Shopping
You could also try buying your presents throughout the year. Sales happen several times a year and they're ideal times to pick up bargains. Start with the January sales and just keep an ear out for more sales as the year goes on.
Using a service like Moneysupermarket Local Deals is also a good way to find gifts on the cheap. You can buy goods and services at a substantial discount and give these as presents, or even use the local deals to stock up on food and drink for the season. Just make sure the expiry date is long enough!