Lancashire Times
A Voice of the North
3:45 AM 11th September 2021

Countdown To Christmas! How To Budget Wisely

Image by anncapictures from Pixabay
Image by anncapictures from Pixabay
UK residents are currently facing a staggering £371bn savings shortfall when it comes to their cash, according to a new report.

Figures from The Yorkshire Building Society’s The Nation’s Nest Egg report found that adults in the UK require savings of £17,465 to feel financially secure, with most falling short of this goal by £7,220.

In addition, spending habits have become more indulgent than ever. According to research from Mintel, nearly a quarter of people are spending more on takeaways and food deliveries now than before the pandemic.

The data shows that the average person spent £53 a month on takeaways between Spring 2020 and Spring 2021 - compared to around £38 a month prior to Covid.

According to the personal finance experts at, there has never been a more urgent time for people to review their spending habits.

James Andrews
James Andrews
James Andrews, senior personal finance expert at, said: “With the countdown to Christmas now on and the post-lockdown spending splurge in full swing, now is the time to take back control of your finances.

“The easiest way to do this is to draw up a budget for yourself. Either using a spreadsheet or an online budget calculator, work out where your money goes each month. If you have more money going out than coming in each month, try switching a few services to cheaper alternatives. If you have leftover cash from each month, put this in a savings account for when you do need it.

“Cancelling direct debits for services you don’t use anymore will also give your finances a boost. Having a look at your recent bank statements will help you to identify this. Similarly, it’s important to consider whether you really need a particular service.

“For instance, if you have both Netflix and Amazon Prime, ask yourself whether you actually need to be paying for both streaming platforms. Also, if you got used to working out at home over lockdown, consider whether you need to pay for a monthly gym membership fee.

“Switching your everyday providers is also essential. When it comes to your gas and electricity bills, you could save a lot of money by switching to a cheaper tariff. You may also want to switch your bank or savings account by comparing the different interest rates on offer. Moving any existing debt to a 0% balance transfer credit card can also see you save on charges.

“Ultimately, setting yourself a goal is the key to staying on top of your finances. Whether your intention is to stay out of your overdraft, pay off your credit card or save for a house deposit, having a financial target in your head will really give you that mentality to save.

“If you’re still struggling to take control of your finances, or looking for more ways to save, be sure to visit’s comprehensive guide here:”