Case study: Nan Gilbert prepares for Christmas, helped by her dog

WHEN you have two children and three grandchildren, the cost of Christmas can build rapidly, no matter how careful you are.

That’s why Nan Gilbert, a home support worker from Barrhead, has been saving into Scotwest Credit Union’s christmas savings account since it first appeared on the financial scene in 2007.

Nan, 53, has been a Scotwest member since joining in 1994 through her employer, East Renfrewshire Council, and also has a normal savings account with the credit union.

The difference with the Christmas account is that while members can save into it all year, the money is locked away until November.

Nan pays into the account directly from her wages each pay day, with a view to covering the growing cost of presents and Christmas dinner for her expanding family.

“This way I don’t even notice the money is gone and it means I am not tempted to spend it,” she says. “It is remarkable how quickly your savings build up, and is such an easy way to get into the habit of saving.”

The restricted access to the cash for most of the year provides the peace of mind that Nan values.

“I can’t recommend it enough, just knowing the money is there in November when the savings are paid out, is so reassuring, and definitely one less thing to stress about at Christmas,” she said.

“Despite using the service for five years, I am always amazed at the total.”