Start saving for Christmas 2007

To many, this may seem a very early start, but moneyfacts.co.uk states that many high-interest regular saver accounts are fixed for 12 months, so now is the right time to start planning for next year.

Rachel Thrussell, head of savings at the website, said that regular saving schemes were an “ideal” debt management solution.

“On average, we each spend £600 at Christmas time on presents and festivities, so it’s a good idea to start saving as early as possible,” she said.

“Using a regular savings account might be an ideal solution, offering decent rates of return with the security and protection offered by your bank, which cannot always be found within other Christmas saving schemes, as we sadly saw with the collapse of Farepak.”

Ms Thrussell’s comments come as other financial experts urge planning for this Christmas now to ensure that 2007 does not start with debt.

However, by following Ms Thrussell’s advice, she states that consumers can earn enough in interest for a gift next year.