Six things to do before Christmas

Now that December almost here, we reveal six ways to safeguard your finances before Santa arrives.

With presents to open and trees to decorate, Christmas can be the perfect time of year to indulge our inner child.

However, this doesn’t mean we can forget about our financial responsibilities. If we’re not vigilant, Christmas can end up being one of the most painful times for our wallets, so we’ve drawn up a six-point Christmas financial checklist.

1. Check your presents are insured

Some insurance companies automatically increase the value of your home contents cover around Christmas. The Post Office, for instance, raises contents cover by 10%, but other insurers will not so it makes sense to check your policy’s fine print.

Most insurance policies carry a single article limit (SAL) which is the maximum you can claim for an individual item. Beware, the limit could be just a few hundred pounds.

If your presents exceed the SAL, contact your insurance company as you may need to name them separately on your policy or even purchase separate cover.

2. Sort out your tax return

If you need to send a self-assessment tax return, the online deadline is 31 January.

However, it’s wise to get this sorted as soon as possible rather than getting caught up in a last-minute scramble. If you fail to meet the deadline, you could face a £100 fine.

People who need to fill in an online form include the self employed, those who need to pay Capital Gains Tax and anyone whose income is above a certain level. However, this list isn’t extensive so check the HM Revenue & Customs website for more details.

3. Get your boiler serviced

If your boiler has ever given out during winter, you probably know how stressful the experience can be.

However, it can also work out extremely expensive if you don’t have some form of home emergency cover included on your home insurance.

Rather than risk your boiler dying on a freezing winter night, it might be easier and cheaper to have it serviced by a registered gas engineer over the next few weeks.

4. Cut the cost of your energy bills

As you probably remember from the past couple of winters, our gas and electricity bills have been getting more and more expensive.

The situation is bound to get worse this year. During the past six months, five of the Big Six energy suppliers has raised prices. As a result, the typical household now faces energy bills of £1,283 a year, according to research from Skipton Finance Services.

However, you may be able to offset these hikes by changing to a new energy supplier. In some cases, it’s possible to save several hundred pounds.

5. Prepare your car for winter

Every couple of years, antifreeze and engine coolant levels deteriorate, which leaves your engine at risk of freezing. Antifreeze is necessary to prevent the engine from overheating or freezing during the winter months.

Before the temperature drops even further, it might be a good idea to top up your anti-freeze and perform a check on your car. In all likelihood, this will be much cheaper than repairing serious engine damage further down the line.

6. Set your financial goals for 2013

Whether you want to clear existing credit card debt, get on the property ladder or start saving, it’s a good idea to set your financial priorities as early as possible.

Once you’ve got a clear idea of your goals for next year, you can relax and enjoy the festive season.

**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**

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