Do you find yourself getting into debt each Christmas?
For a start you’re not alone! According to the infographic below by 247MoneyBox 33% of the respondents to their recent survey will use credit to pay for Christmas.
If you can pay the money back shortly after Christmas and it doesn’t impact on future spending/budgets it can be an option that helps many families out in the short term, but if you then end up struggling until the next Christmas to make ends meet and then taking out more credit, it would be wise to look at whether your Christmas spending is maintainable.
With so much pressure from social media sites it’s easy to see why so many people feel the need to spend more than they can afford, but for one day a year it can be too much for everyone to be spending £1554 on presents, food and socialising.
Using a budget work out how much you intend to spend and see if the cost is equal to the money you have available for Christmas, if it’s not don’t feel bad if you then need to cut down on a few Christmas events, or buy less gifts, it will work out a lot easier for you come the New Year.