Christmas is an expensive time of year. We all want to have a good time and give our loved ones the best that we possibly can. The cost of food, drink, entertainment and presents takes a toll on all our finances, and it’s an especially worrying time for those who struggle to make ends meet.
According to research recently published by Thinkmoney, eight million people in the UK expect to have to borrow money to pay for this year’s festivities. But nearly half of those who borrowed to pay for last Christmas still haven’t repaid everything they owe.
So, with Christmas almost upon us, here are a few tips to help make sure that you don’t have a festive debt hangover:
• Plan early – be realistic, set a budget and stick to it. You may have to manage expectations about what Santa can give.
• Remember that life goes on – and everyday bills like rent, mortgage, utilities and existing debts need to be paid.
• Shop around – try as many different places as you can to find the best price. Buy what you want and not what pushy sales staff say you need.
• Keep it simple – if you can afford it, pay outright by cash, cheque or debit card. Whatever you do don’t be tempted by massively expensive deals.
• Read the small print – if you have to borrow, make sure that you’re not caught out by extra costs hidden in the credit agreement.
• Be organised – if you’ve borrowed money don’t forget that it won’t be long before you have to start paying it back. Make sure you set enough aside for the first payment.
Planning and organisation are key to avoid getting into serious debt – at Christmas or any time. If you lose control of your spending debt becomes more than just a Christmas problem.
If, though, you find that your debt problems are getting on top of you, contact us for free, no obligation personal insolvency advice. We’ve seen just about every debt problem there is and we will help you find a way through.