DON’T let debt get you down this festive season.
As year-end approaches consumers should be careful not to be lured into overindulgence as well as unnecessary debt over the festive season, especially to fund Christmas gifts and celebrations.
The festive season is the perfect opportunity for consumers to recklessly overspend, consequently leading them into the new year with a festive season financial hangover, and subsequently regretting their holiday debt.
With discipline, planning and following the tips here, you can minimise having to pay your festive debt throughout the next year.
Save
Prior to the festive season, try save as much money as you can, this will alleviate some of the pressure during the holiday season.
Budget
Plan your festive season spending wisely. Take into account your household income and all of your expenses for December and January. Then determine the amount of money you can afford to spend over the holidays. Be disciplined and stick to your budget instead of taking loans and using credit cards and adding more financial pressure.
Cash and/or debit card
Avoid shopping on credit if possible, instead pay for items with cash or your debit card. By doing this, you will be conscious of what you are spending and wont overspend. Leave credit cards at home.
Credit
Credit becomes dangerous when you use it to purchase consumable goods, like gifts, festive season splurges, food and alcohol. Do not overspend on perishable items as you will have to pay it back in the new year.
Shopping
When it comes to shopping make a list of exactly of what you need to buy, who you need to buy for and where to purchase it from. This will prevent getting caught up in the holiday shopping hype.
New Year
Budget properly and keep your finances for January and the months ahead in mind. Instead of waiting for the new year to come, plan a budget now and stick to it. This will encourage you to spend responsibly over the festive season. Although there is a possibility that you may overspend as unforeseen expenses do arise, budgeting will create awareness.
- Consolidated Debt Solutions.
