Let’s face it, saving money for Christmas is not easy.

And if you don’t just have the cash in the bank – who does, right? – most people need to borrow extra in the run-up to Christmas, then spend the first few months of next year paying it off. For some people – up to 11 million according to research in The Independent – Christmas 2017 could still be costing them interest charges one year later.

Between food, drink, parties, stocking filler, presents and last minute dashes to the shops, research estimates that Christmas could cost “anywhere between £750 and more than £1,500 per adult.”

No matter what you earn, that is a lot of money going on a few days worth of fun. Hence the popularity of savings clubs, where you can put money aside over the year, then spend those vouchers on food, drink and presents. Not that you won’t incur some extra expenses as the big day approaches, but at least you’ve spread the cost.

Is there another way to save for Christmas?

Some people would say setting money aside throughout the year is the most sensible option.

The problem is, we are not a nation of savers. We spend. We take out credit. We don’t pay it off; instead, it accumulates and costs us even more over the year. Statistics don’t lie, not when it comes to our national savings habits. In fact, you might be surprised to learn that 70% of adults in the UK have little to no savings.

Debt charity, StepChange, recommend having at least £1000 set aside in savings – which might just about cover the cost of Christmas. In reality, families earning less than £1,500 per month (after tax) often have less than £100 in savings, making between £750 and more than £1,500 for Christmas a huge expense.

Thankfully, there is another way – one that doesn’t involve taking money out of your account and putting it into savings after being paid. It is something your employer can help with: Employee benefits savings accounts.

Here at FairQuid, we work with Credit Unions and employers to provide savings accounts for staff. All you need to do is ask for this as an employee benefit. Once your company is signed up, you apply for a savings account. And then, every month, money goes straight from your salary – like childcare, pensions or travel to work schemes – into this savings account.

What about when you need to withdraw money?

It works exactly like any other savings account. You control it.

Our Credit Union partners will give online, phone and branch access, and most come with debit cards too so that you can withdraw funds anywhere. You can also increase or decrease the amount that goes into the savings account; just ask HR or your manager before payroll cutoff. It’s as easy as that. No need to worry whether you’ve set aside money for Christmas – it happens automatically, every month.

Start saving with a FairQuid Employee Benefit Savings Account. Find out more.