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Our top 10 tips on how to avoid a festive debt hangover

Thursday, 7th December 2017

It’s that time of year when many individuals and families feel under pressure to spend too much and some are still paying back on their debts from the year before. Below are our 10 useful tips on how to reduce that festive spending and avoid starting the New Year with a debt hangover.

Our top 10 Christmas saving tips

  1. Use credit wisely - don’t use a credit card unless you're sure you can afford  to pay it off. Alternatively, you could consider spreading the cost using a credit card with 0% introductory rate but ensure you can pay the total sum off before the end of the deal. Also remember that store cards charge a very high interest rate, think before you get tempted.
  2. Use the net. The internet has handed consumers the ultimate advantage, price comparison. Without trawling through the high-street for hours on end, the deal you are looking for is just a few clicks away. Another tip is to be savvy and hunt for discounts, vouchers and cash back.
  3. Be honest with your partner. More often than not they will have the same concerns as you. Make a necessary purchase your Christmas present to each other. Perhaps something that you would have purchased anyway like the new radio, TV, weekend away or that new bit of furniture.
  4. Trees with lights can cost more than you would think. People often receive a nasty shock in the New Year when they find the astronomical electricity bill. Everyone likes a sparkly Christmas tree; just don’t be tempted to leave your tree lights on all day and night.
  5. Secret Santa. With friends or colleagues it is always a great idea to suggest Secret Santa, just remember to set a limit.
  6. Probably the most important of the lot. Retailers work very hard every year to find increasingly clever ways to make you spend. Plan exactly what you want to buy, stick to it and then perhaps you will be able to avoid the temptation to waste money on that irritating singing Santa.
  7. Don’t be afraid to de-clutter. Christmas is over and you’re left with a jacket you will never wear or two of the same DVDs. Consider your options for unwanted gifts - it may be possible to exchange then for something else or even sell them on. It may seem insensitive but it is better to end up with something you will need or use.
  8. The earlier the better. The cost of cards, wrapping and decorations can soon mount up. Buying these things in January they are a fraction of the price, sometimes just 10% of what you would normally pay.
  9. Don’t be afraid to re-use. The front pages of old Christmas cards can make a great present tag for next year. All that’s needed is a little artistic flare!
  10. Lastly, banking on Christmas. Plan for next Christmas by setting up a specific account for presents, decorations and food and pay into it regularly. Ignoring the impending outlay won’t make it go away and people can often find themselves borrowing money that they can’t pay. By putting a slice of your monthly wage into your Christmas account every month, it soon adds up.

 

 

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