Make saving for next Christmas your New Year’s resolution

The Co-op Credit Union, like many of our peers in the credit union world, has its busiest time of the year every October and November as many of our members apply for loans to cover the cost of Christmas.

This is a core part of what we do as a credit union – reducing the costs that families pay to borrow for those everyday things. And whether we like it or not, Christmas is a time when some people have to borrow to make the festivities the memorable time that we all look forward to.

We’ll never stop providing that support to thousands of families across the country – it’s what we’re all about. But it also gives us pause for thought as we think about how we can support our members to build their financial resilience and reduce their reliance on credit.

Many of our loans at this time of year are for £500 or less. These are not bank-breaking loans but they’re also amounts that anyone can aspire to save over the course of a year. Putting aside £30 each month would leave you with £360 in 12 months – make it £40 and it’s £480.

Building financial resilience and accumulating savings is all about habit forming – get into the habit of putting something aside and doing without that money month to month and before you know it you’re sitting on a cash pile.

And creating good habits is what our services are all about – deducting payments from pay or benefits so that getting saving is as easy as it can be.

So this year, as the Christmas festivities draw to a close and you’re thinking about your New Year’s resolutions for 2021, why not make this the year that you get into a savings habit? If 2020 has taught us anything, it’s that we can’t take things for granted and having that pot to fall back on might just be the best thing you ever did.

How to start your new year saving habit

To make a change to the amount you save with us, simply login to your online account via members access and send us a secure message, or get in touch via the usual channels.

Or, if you’re not yet a member – it’s easy to join and set up a savings plan – join us online today.

If you’d like any help, you can talk to us any time about how we can help you make your savings resolution a reality.