Merry Payday and a Happy New Debt

Have you survived the Christmas holidays without running up debt of some sort? Have you managed to stick to your budget and keep within the confines of your overdraft or credit card limit? Have you been able to hold fast against the myriad of Christmas specials and the temptation to shop until you drop? Or have you spent too much, pushed your credit limit and borrowed money that you can’t pay back? In fact you may find yourself, post Christmas, worried and anxious and wondering how to get out of the fix you find yourself in. Christmas is over and you are going to have to address your financial predicament, but here are some tips to make sure it doesn’t happen to you next year.

The top ten tips to help you save money before Christmas becomes unmanageable:

  1. Look at you budget and stick to it. Spend some time listing what you need to buy and how much you are able to spend. Consider food, presents, decorations and transport, and make sure to set aside enough money to pay your bills in January.
  2. Plan ahead and start saving in a few months early. You can always skimp on luxuries in October and November to put away funds for December. Cut out luxuries that are really not essential.
  3. Think about checking the internet. Sometimes shopping online can be much cheaper than in the conventional shops. Also watch out for specials and discounts on the items you want to purchase.
  4. Your lavish Christmas spread can be a lot cheaper than you think. By grocery shopping online and getting your groceries delivered you can avoid impulse purchases. Again look out for specials and discounts.
  5. Think about freezing your Christmas meal. If you start buying the food you will have on your Christmas table already in November, you can save because of pre-Christmas prices and also spread the cost over several months.
  6. Homemade personalized gifts say more than anything store bought. Make it a family tradition to make some of your presents from scratch. An added benefit is that this brings out the creativity of you family members.
  7. Take into account that any credit card or store credit is going to charge you an arm and a leg in interest. You might want to avoid using them.
  8. Be warned that it is a very bad idea to take out Christmas Payday loans if you don’t think carefully about how you are going to repay the loan. Many people take out impulse loans that, they in all honesty, don’t know how they are going to pay back.
  9. Once again think about what you will need for a successful festive season. Make lists of who you need to give gifts for and what you want to get them instead of just impulse buying when you get to the shops.
  10. It is January 2015. It is not too early to plan for the next Christmas. Try opening a savings account so that you know that between now and then you will be able to accumulate funds that will make next Christmas less stressful.