Money Saving Tips: How to ‘Realistically’ Manage Pre-Christmas Spending | Personal Finances | Finance
However, people can still enjoy the day without spending too much or getting into debt. With four weeks to go before Christmas, maybe now is a great time to create a plan to try and keep overspending as much as possible.
Norton Finance recommends that people take a realistic look at their financial situation and set an amount that would allow them to comfortably increase their spending.
He said: âMost of us are increasing our spending for Christmas, but it is best not to be too drastic.
âBy aiming for modest increases of 15% or less, you can still give yourself flexibility for the holiday season without limiting other areas of spending.
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âIf you don’t have any savings aside and need to borrow to meet the extra costs, it’s important to decide up front what you think you can afford and how long you are willing to take to complete. refunds. “
If people need to borrow, Paul suggested using fixed-term loans, rather than credit cards or payday loans, which are cheaper to use in the long term.
He said, âIf people need to borrow, it’s worth looking for loans with repayments that are right for you.
âAlso, it’s a good idea to think about consolidating your debt into one loan, to make it as cheap as possible. “
He said, âTreat yourself like your own business.
âRegularly reviewing your finances will help keep you on track with your spending in the weeks and months to come.
âIf it looks like you could still go over budget, make changes to reduce non-essential expenses.
“Is there a direct debit that you can cancel? Or a subscription that you no longer use? Start there.