It’s very easy to overspend at Christmas and also difficult to deal with the aftermath in the New Year, so don’t let Christmas 2021 lead to financial stress in 2022. Avoid excessive spending and you’ll start the year financially healthy.
Here are several tips to help you stay on track with spending this Christmas. It’s all about thinking ahead, writing out a budget, and making use of technology to get the very best deals.
Make a budget for all your Christmas spending, including food, presents, wrapping paper, and anything else you need. Also write a few lists - the people you want to buy presents for, food and drink, and entertainment over the festive period.
Your budget will inform how much you can spend, so you stay within your means. It can be difficult to stick to a rigid budget, though, and we all have a tendency to overspend on loved ones at Christmas, so try a new arrangement with family and friends - Secret Santa.
Secret Santa is a popular way for work colleagues to buy presents for each other, but it can also extend to the family or friends you’re seeing at Christmas. It’s a fun activity that immediately removes some of the financial stress.
You can decide who is included in the group, set a spending limit for each other, and then you all pick one name out of the ‘hat.’ Buy that person a gift within the set spending limit and you have an efficient way to help everyone avoid overspending this Christmas.
Price comparison sites including PriceRunner¹ and Kelkoo² give you a head start in saving money. Prices vary widely between retailers, especially at Christmas, so use the power of the internet before you shop, whether that’s online or in-person.
Also look out for ‘price promises’ or ‘price guarantees.’ If you do happen to buy an item, and later find you’ve overspent, your retailer might be able to refund the extra if you can prove the lower price exists.
Cash back websites such as Quidco³ and TopCashback⁴ offer money back when you spend on goods and services through their sites. The cash back amount is typically advertised as a percentage, and varies with different brands or products.
Major retailers and smaller outlets both associate with cash back sites in order to extend their reach and boost sales. As you would be spending the money anyway it’s a great way to save, and very surprising how much you can receive back over time.
If you do spend too much money this Christmas there are various supportive debt measures available in Scotland that can help you turn things around. The government’s Debt Arrangement Scheme (DAS) is just one example, and helps people pay off debt within an affordable instalment plan.
Speak to a debt advisor or licensed insolvency practitioner to find out the most suitable options for you. The most appropriate depends on your personal circumstances, including income and overall levels of debt.
Scotland Debt Solutions has been helping Scottish residents deal effectively with debt since 1989. We can help you avoid excessive spending this Christmas, and deal with any existing debt. Please contact one of the team to arrange a free, same-day meeting.
The 70-20-10 method of budgeting allocates proportions of your income to three different areas – living costs, debt, and savings. The sheer simplicity of the budget helps you control spending, repay...
If you have money left over at the end of the month, you may be wondering how best to use it. Should you pay off your debts, or is saving a better option? You might even be considering both.
Our Scottish based team can help advise you on your debt problems.