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Avoid Getting Into Debt This Christmas

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Avoid Getting Into Debt This Christmas

Christmas is a time of celebration and goodwill but too many people overspend at this time of year.

 

Some people put the cost of Christmas on their credit cards, this is not a good idea as you will have a large credit card bill hitting the door mat in January and will also have to pay interest back on the money you borrowed.

 

Don’t suffer with a financial hangover in January due to overspending at Christmas.  January is a long enough month without adding that extra stress of worrying about debt.

 

The best way to get ready for Christmas is to budget it for it and start putting away some money the January before.

 

I have heard of someone putting off priority payments like their rent or mortgage until January, this is crazy and can lead to many more problems in January.

 

Other people use moneylenders that call to their door to pay for Christmas and the problem with this is then the following year you will have to pay the money back with very high interest payments of up to 500%!  Avoid high interest money lenders at all costs.

 

The temptation to take advantage of borrowing to meet the needs and wants of your children this Christmas can be intense but it’s not worth it as you could have a lot of added stress and worry the following year due to this debt.

 

The best thing is not to borrow money to pay for Christmas instead try and follow these tips to manage your Christmas spending:

 

Sit down and write out a budget of your household income and outgoings to see how much you can afford to spend this Christmas. Don’t overspend try to stick to this budget.

 

Ask your kids to choose what they want from Santa Claus early.

 

Talk to your family about Secret Santa, if you have a large family this can save you all a lot of money. I did this last year and it worked really well, all the adults were included in Secret Santa and the children still received presents as normal.

 

Make a list of the people you intend to buy gifts for and if possible get creative and make the presents if you can. Get the kids involved too. Hampers are a great idea, buy the contents of the hamper yourself and buy a nice box to put it in, This could save you a lot of money and a lot of thought will go into the present also. Remember good friends don’t need expensive gifts. Set a limit with family and friends on what each will spend on the other.

 

Leave your credit card at home, pay with cash. Paying by credit card doesn’t feel real and handing over cash will hopefully make you stick to your budget.

 

Give yourself time to shop around for the best bargains, even buy the January before if you can as there are great deals to be had in the January sales.

 

Set aside the money for bills expected in January. This will give you peace of mind as you know you will have the money available to pay the bills in January.

 

When you go to the supermarket be realistically, don’t buy way too much food and drink, people shop like they are never going to get to the shops again, the shops will open again the day or two after Christmas.

 

Christmas is a wonderful time of year and should be about having a great time with your family.  Don’t get caught up in all the overspending.  Have a lovely Christmas and I hope these tips help you deal with the expense of Christmas.

 

If you are struggling with debt from last Christmas or struggling to pay your mortgage or credit cards, loans please give us a call on 01 4434125 as we can arrange a Free appointment with a Debt Advisor or Personal Insolvency Practitioner who will offer you Free Debt Advice.

 

R.McGonnell 7th November 2016

 

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