Consumers urged to plan to save

Wed, 14 Nov 2007

With the festive season fast approaching, an expert has urged consumers to "understand" their budget constraints.

James Falla, director of debt counselling service Thomas Charles, said that the "easiest way" of developing a budget is to work out how much money an individual has coming in and going out.

That should enable a person to identify how much money they have available to spend during Christmas , Mr Falla explained.

People should also "plan to save" at the beginning of the month, by working out how much they are able to set aside after their monthly expenditures, he advised.

"People make a mistake of saying they will do this at the end of the month but if you wait until the end of the month it won't be there to save ," he said.

Moneyexpert.com recently reported that many consumers are likely to still be paying off the money they put on credit to cover their Christmas spending by Easter .
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