How To Have A Debt Free Christmas - 5 Tips For Success
Here’s out top five ideas for a debt free Christmas,
1. Set a Presents Budget
We all have different ideas about how much we should spend at Christmas and this will always be an individual decision but set a presents budget and stick to it. Remember the latest must have toys, games or merchandise is no replacement for a loving relationship and it is often the cheaper creative and thought out present ideas that mean so much. Sit down with your spouse, partner or children and agree a presents budget so that spending does not get out of hand.
2. Be Realistic
It’s tempting to try and compete with the neighbours and out do them on Christmas decorations or Christmas lights but be realistic about what you can afford. The same goes for presents, no one will think less of you if you can’t get the top of the range gifts for Christmas.
3. Buy In Bulk
Try to buy food and drinks in bulk a few weeks before Christmas and then leave fresh produce closer to the day, that way you’ll benefit from bulk buying discounts.
4. Avoid Credit Card Debt
Try to avoid putting your Christmas purchases on the credit card as most will charge you around 17-25% APR for the privilege. Ideally you should put a small amount aside each month in the build up to Christmas but if you really have to take out additional debt to finance the Christmas period then consider other options like overdraft, which usually has a lower interest charge or an interest free loan from a family member.
5. Make Use of Savings Stamps
Many supermarkets offer savings stamps which you can buy at the checkout from as a little as a £1. These are a great way to spread the cost of Christmas over a year long period and it means that you can use them to buy important Christmas food or items before the big day arrives. Alternatively you could simply create a savings account and set up a regular direct debit from your main current account for £1 a week, which would serve the same purpose.
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