Why now is the best time to start budgeting for next Christmas - Vikki Brownridge

We conducted polling before Christmas that gave us a sense of just how tough Christmas would be – with almost a third of people in Yorkshire struggling to afford it and one in ten turning to credit to manage through the period.

Our newest research tells us that 1.7 million people in Yorkshire think their financial situation will worsen this year, and a startling 650,000 always worry about money. Whilst cost of living pressures are tough and it goes without saying that there are external factors impacting people’s finances, there are still some steps consumers can take now to help weather the storm and build financial resilience for the coming year.

It may seem a strange thing to think about next Christmas considering we’ve only just finished the festive period, but now is the best time to think ahead about budgeting and saving to ease the financial pain the period can bring.

Saving little and often can be the difference between a stress-free Christmas and one which brings added pressures. Many online banking providers now make it very easy to divide up your income into a range of savings pots – one of which could be allocated to the festive season.

The new year is also a great time to create a detailed monthly budget if you don’t already have one. A budget allows you to assess your incomings and outgoings, and to see where you can make savings or pay towards debts.

This is a crucial starting point and is something many people are unaware of or do not use, but until you know the difference between what you bring in and what you spend, it’s difficult to make adjustments.

Your creditors can also support you – and the majority will have a statutory responsibility to do so.

Whether this be your mortgage, a credit card, or a loan, they must take steps to help you if you are in financial difficulty. And above all, if you feel like it is all getting too much, do not hesitate to reach out to a debt advisor like StepChange.

Our fully online, advisor backed journey is non-judgemental, free, and impartial, and it could be just what you need to get back on track.

The truth is, people all around us are struggling financially, but so many suffer in silence. If you have found yourself in a difficult spot, there is help out there from debt advice charities and the best time to address your financial position is now.

Taking the first step is the best way to get your life, and finances back on track whether that be starting up a budget, confiding in a friend or family member that you need support, or seeking free and impartial debt advice.

Vikki Brownridge is chief executive of StepChange Debt Charity, based in Leeds.