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Christmas Debt - Debt Management Guide
Christmas can be a hard time to get rid of debt and an easy time to fall into it. It is especially hard in families where there is constant pressure to buy presents from children and entertain everyone.
Try to agree with the adults of your wider family that you will not buy them presents and they will not buy you presents as a way to save money. To keep festive cheer, attend a family meal with them if possible.
If you have children it will be basically impossible not to spend on presents, but you can cut down the amount you spend. A lot of middle class families will spend £500 on their children’s Christmas presents, children will often settle for a lot less, especially because relatives will also buy your children presents they may not notice less presents. Try explaining to them that you have to pay Santa for the presents he delivers and this year you don’t have enough money to buy too many presents. Try not to buy presents that children will never use, and try not to buy expensive presents such as new bikes or televisions.
To save money at Christmas buy presents at the last minute before Christmas as prices are often lower then and buy things such as crackers and decorations after Christmas for next year as the prices are reduced dramatically.
Open a savings account that you can put a little bit in each month over the year so you have enough to spend a Christmas. For relatives that you are buying presents for (excluding your children) it is a good idea to divide what you have equally and not to spend more than the amount you have for each relative.
You might want to use the compare prices search below to find the cheapest deals on presents.
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