Beat the Christmas Crunch by Halifax

Christmas is coming, the season of goodwill, but it's also the season of spending. However much you like to enjoy Christmas, the fact is that it's impossible to get through the whole thing without spending money. Presents for loved ones, the food, the drink, the travel, the decorations and the entertaining - it doesn't take long for the costs to add up.

So now might be the time to consider starting a Christmas saving plan for next year. You'll really appreciate it when costs start to mount up and planning your savings needn't have much impact on your day to day life.

First get yourself a separate savings account for your own Christmas savings plan, even if you've already got one it's a good idea to open another one that is specifically for next Christmas. It won't cost you anything and it means that your Christmas savings won't get mixed up with your day to day cash or longer term savings.

There are plenty of good savings accounts out there that you might want to consider. The Halifax offers a range of saving accounts, with two types of account in particular ideal for Christmas savers. Easy access saving accounts allow you to save regularly and withdraw your savings whenever needed, allowing you to dip in and out of your account for those special gifts. With a regular savings account you can set up a monthly standing order from your current account to save on a regular basis for 12 months and you wont be able to touch it till it's time to hit the shops for next year's Christmas goodies.

Think about sitting down one evening and looking at your outgoings to see where you can cut any costs. Just a few pounds here and there is all it takes - if you can be disciplined about it, you should end up with a nice savings balance by December.

Once you've reached your savings target it's time to start the fun part – the Christmas shopping. One top tip you might want to consider to help your budget stretch a bit further is to itemise everything that you need to buy and then allocate a sub-budget for it - set yourself a top price and stick to it.

Saving for Christmas can help meet the extra expense of the festive season without the need to borrow or use credit. So if you're currently planning your Christmas budget, why not think about your Christmas savings plan for next year too?