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DON’T GET INTO DEBT PAYING FOR CHRISTMAS

Published on:December 12, 2013Author:The Debt Advisor

While the majority of us look forward to the festive season, Christmas can be a stressful time for others. With Christmas getting more expensive every year, many of us end up borrowing to fund the cost of gifts and celebrations.

Last year, statistics showed that the average person spent over £600 on presents. The research from hotel chain Travelodge also showed that the average cost of a Christmas dinner last year was nearly £120.

With Christmas this year expected to cost even more, it’s no wonder that people get themselves into financial difficulty paying for Christmas.

If you’re expecting to struggle with Christmas this year, read some of our Christmas saving tips below:

Make a List

It’s very easy to go overboard at Christmas without realising how much you’re spending. Set a budget, make a list and stick to it.

Earn Cashback

You can earn cashback on your normal spending. You can do this with cashback credit and debit cards and by using services such as Quidco and Top CashBack.

Start Saving

According to a YouGov survey, the average family spends more than £835 on Christmas. Many struggle to pay this from December’s pay packet and have to borrow. Start saving up instead and you won’t have to pay the interest on a loan.

Save Money on Food

Buying premade Christmas food it often more expensive then making it from scratch. Make mince pies, stuffing, cakes and other Christmas food yourself and they’ll taste better then the store-bought alternatives.

Look for special offers and stock up on items before Christmas instead of making an expensive last minute dash to the stores.

Not everyone needs a gift

At Christmas, many of us feel obliged to give gifts to all our friends and family. The problem is that anybody you give a present to will feel obligated to give you one; regardless if they can afford it or not. Why not have a no gift pact with some friends and family and focus on giving presents to the children.

Get a 0% credit card

Inevitably some people will need to borrow money this Christmas. If you do, why not take advantage of a 0% credit card? Many offer 0% introductory periods on purchases. Providing you clear the balance before this period, you won’t pay any interest on the goods you buy. Alternatively, you could borrow from a;

Credit Union

Credit unions are increasingly competing with the payday loan market by offering cheap and affordable loans. Some credit unions even lend to people who don’t save with them.

If you’re currently struggling with your debts, there are solutions available to you such as Debt Management Plans (DMP)Individual Voluntary Arrangements (IVA), and Bankruptcy.

The Debt Advisor is regulated by both DEMSA and DRF and we adhere to their codes and standards.

If you are struggling with debts and want to discuss your options, call The Debt Advisor today on 0800 0851 825 to speak with one of our advisors. If you’re calling from a mobile, you can reach us on 0161 868 2500.