I’m worried about how I’m going to afford Christmas

If financial demands on you are severe, it’s understandable if you’re worried about paying for Christmas. It’s such an expensive time of year and it’s very easy to overspend, but there are some simple steps you can take to help yourself financially.

You could try setting a spending limit on presents for friends and family members, for example, or maybe cutting back by a small amount on all Christmas expenses across the board. But how else can you cope with the financial demands of Christmas when money is scarce? Here are a few other ideas.

• Work to a budget

Planning ahead for Christmas expenses and sticking to a defined budget is invaluable when you’re struggling with money. It helps you to avoid serious debt in the New Year, and ensures your credit card bills are manageable.

• Use a separate account for Christmas savings

If you’re able to save any money towards Christmas, keep it in a separate account to avoid spending it on everyday items. Putting money to one side in this way also provides a useful psychological boost, as you’re proactively saving and managing your finances effectively. 

• Try the ‘four gift’ rule

The four gift rule can help you manage the cost of Christmas, especially if you have young children. The idea is that they each receive something they want, something they need, something to wear, and something to read. You can then decide on the value of each gift, based on the money you have available.    

• Seek professional debt advice

Seeking assistance from a licensed insolvency practitioner (IP) may seem like a drastic step, but they can provide valuable support when you’re worried about paying for Christmas, and help you to stop slipping into a debt spiral.

But how can an insolvency practitioner help you in practical terms? As an example, if you’re worried about contacting companies about bills or money that you owe, an IP can try to negotiate with them on your behalf to lower your repayments.

Regaining control of your finances

Taking financial control is easier when you know your options, and understand which might work well for you. If you were able to reduce your current repayments a little, even on a temporary basis, it could release some of the funds you need to pay for Christmas and ease the pressure you’re feeling.

Other potential negotiating options with regard to debt include freezing the interest and charges on your debts so they don’t become totally unmanageable, but simply receiving professional support and guidance on managing your money can help.

Scotland Debt Solutions is committed to helping residents of Scotland to escape debt, so let our expert team help you prepare financially for Christmas and enjoy some peace of mind. We work from offices around Scotland, and can arrange a same-day meeting free-of-charge to quickly determine your best options.