With just two weeks to go until Christmas week, we’re presuming that many of you are still in the process of gift buying for your friends and loved ones.
We all spend a little more than we should over the festive period when we really don’t need to. Many people run themselves into the ground with debt over Christmas with the outlook that they will be able to pay the debt off in the new year- but it doesn’t always work out that way.
So, rather than spending more than you can afford this year on gifts, why not cut back on the amount you spend while still buying everyone gifts? It is possible, and we’re here to show you how!
Budget Your Spending
Rather than going out onto the high street or browsing the net with no limit to your spending in mind, why not figure out how many people you need to buy gifts for and set yourself a realistic budget to stick to.
Knowing what you can afford to spend is key to sticking to it. Make sure you are taking into account any bills that will need to be paid so that you don’t find yourself short when the time comes to pay it.
You will need to be strict with yourself when it comes to sticking to the budget that you have set, but it will be worth it when you don’t have a huge amount of money to pay out come 2016.
You may not want to dip into any savings that you have, but it is much better for you to take expenses out of your own money than to owe it to a bank, or even another friend or family member.
Make a note of how much you have taken out and pledge to add some of your pay each month back into your savings pot. This way, you won’t have to come up against any charges from your banks or have to run up any large credit card bills.
Cheap is Cheerful
No one said Christmas requires you to spend thousands of pounds on gifts, so why do we? The main problem is that we buy presents that retailers tell us that we need.
Rather than agreeing with retailers, why not restrict your gift buying to cheaper presents, thus getting more for your money? Alternatively, you could always hand-make Christmas gifts, or hand out gift vouchers so that the person receiving it can buy what they want rather than receiving something that they may not need as a present.
Christmas doesn’t have to be an expensive event, and there are ways in which you can cut corners when it comes to saving money yet still enjoy the festive season. Christmas debt is avoidable, you just need to know how to reduce your spending effectively.
As leading debt advisors, we know all too well how quickly Christmas debt can get out of hand. With our expertise of dealing with trust deeds in Scotland, you can be sure that we can assist you with any debt issue you may be facing. Contact our friendly team today, either online or by calling 0800 011 2322 and we will be happy to help you with any enquiries you may have.