Festive Period

Bringing a festive atmosphere at home during the holidays usually comes down to buying small and big gifts for all our loved ones. We love to surprise our children or partners with the one item they so much wanted or even a special holiday trip. But what happens when we cannot afford to pay for those things with our current salary?

Many people use the credit cards or even small loans to pay for the festive season’s gifts of trips and so they find themselves in debt when the season is over.

There are ways to avoid the festive debt and still have a great time with our beloved ones

The whole atmosphere during the holidays makes us forget about cash and go around those beautifully decorated stores without even thinking of our wallet. Most of us only think about the bills they will have to pay when the festivities are over.

This can overwhelm us and create some great financial pressure in the upcoming months. So to avoid regretting your expenditures it is important to keep things under control even when the festive spirit is everywhere around you.

The most important step to take to keep things under control is to make sure you have already paid you big bills before starting to spend money on presents and festive decorations. Make sure you have paid or have set money aside to pay utilities, mortgage, council tax or even student loans. Only then you can start thinking of the holiday plans you want to make with your friends and family.

Here are some simple steps to keep the season in budget and not get into a huge debt during the festive period:

To begin with, make sure that you have set an amount which you will be spending and be strict about respecting your decision. After deciding on the amount you are going to spend you can then make a budget on where is that money going.

Another great way to avoid festive debt is to save in advanced. If you save a small amount for the holidays during the year you will be happy to find out that by the end of the year you can afford that trip you always wanted to take without overcharging your credit card.

When it comes to gifts a great way to avoid overspending during the festive season is to buy small gifts during the year. Maybe even purchase things when there is a good deal. This way you will not only avoid the overpriced tags of the holidays but you will have everything set up before the holidays even begin.

During the season make sure to note down everything you are spending so that you do not go over your planned budget. This will help you see if you are on track or you need to slow down with those gifts.

If you are using a credit card for your purchases make sure to keep track of any interests of or hidden charges that you might not notice initially but that can push over your planned amount for spending.

Maybe you can use the festive season too as an excuse to give away things you already have at home or even sell what you don’t need and make some income from the side which you can later use to spoil your friends and family.

Finally, if you think you can afford to repay it you can ask your bank for a small Christmas loan. However, you need to make sure that this is not going to increase your overall debt after the holidays. It is important to keep in mind that avoiding overspending is the best way to go about Christmas and new year.

In any case, if you are finding it hard to pay back those Christmas money you borrowed to make sure to contact one of our advisors that can provide you with some solutions and possible ways out.

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"Become Debt Free" is a trading name of Re10 (Finance) Ltd (company number 4651137) with offices based in Leeds and London. We specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland. We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.  We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment. Re10 is regulated by the Insolvency Practitioners Association.

To qualify for debt write off in an IVA with us, you must have a minimum of £7,000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.

Andrew Bowers FIPA FABRP is authorised by the Insolvency Practitioners
Association to act as a Licensed Insolvency Practitioner.

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