Let savings ease Christmas pressure

It's the time of year when the amount of money allocated as ‘outgoings' seems to accelerate at an alarming speed. In addition to the usual bills and expenses there's the pressure of Christmas presents, cards, postage costs, amounts of chocolate that would scare off even the most ardent chocoholic, not to mention purchases for those who have birthdays around this time of year. So, if you're feeling the pinch this Christmas and don't want to be a scrooge, consider making some savings to ease the pressure.

We can all do with a little extra money, but many people think it is something that cannot be achieved - that without the right mindset or business acumen we are destined to a life of little spare money. This of course is not true, and one of the simplest and easiest ways to have some extra money is by putting cash into one of the many savings accounts available. Thanks to online banking, having money accumulating in a separate account is incredibly easy: you can transfer some funds from your current account to the higher-interest option to earn some extra, then when you want to have extra for your spending just transfer it back - without even leaving the house.

The main thing to remember if you opt for a savings deal is to be realistic about what can be achieved. You won't be able to retire and you won't double your money overnight. What will happen, though, is the money that would ordinarily remain at the same level in a current account will slowly grow thanks to the interest applied from the bank or building society.

As there are a number of different savings interest rates depending on where you open your account, you will want to take some time to find the best one for you. As the purpose of this exercise is having more money, you don't want to opt for the one that offers the lowest interest rate.

With a little research either online or in-branch, you can have a new savings account opened in no time and be able to stop worrying about buying those presents.