Has The Cost Of Christmas Got You In a Financial Muddle? Here’s How To Fix It!

A gift list as long as your arm, food, travel, decorations and so much more. Christmas is financially draining; there’s no doubt about it! Once the big event is over you might find your finances are looking a little sorry for themselves, you might have even got yourself in a muddle with money due to missed bills or borrowing. Here’s how you can go about putting it all right.

christmas, christmas tree, decoration

Have a No-Spend January

A no spend month is a sensible option after a frivolous Christmas! This is where you spend no money on unnecessary purchases. Once things like bills, food, and travel is out of the way, all other spending should be zero. Instead of expensive days out, have a pamper day at home or set up a family movie or board game night. Use the time to clean and declutter your house and get prepped and organized for the months ahead. Use the money you save to pay off any debts you accumulated at Christmas, or to pay off any bills or things you missed over the festive period. If your debts are more ongoing and you have multiple lines of credit, you could take out a loan to consolidate everything into one payment. This can make everything more manageable and reduce the interest you’re paying to debt overall. You can check your credit score on sites like MyCreditMonitor, knowing your score will give you a good indication as to whether you’ll be accepted for further credit.

Sell What You’re No Longer Using

The average household has thousands in unused items. After Christmas is the perfect time to sell what you don’t need, since lots of new things are likely to have come into the home. Technology like laptops, tablets, and mobile phones can fetch a good price, even if they’re fairly old and outdated. Try places like eBay or use a website which buys used technology. Clothes, shoes, and other items can be sold at boot sales or even on local Facebook groups. Any money you raise is better than it sitting in drawers as unused items, collecting dust. Plus it allows someone else to get something that’s new to them for a good price, so it’s a win-win.

Plan For Christmas Next Year

You don’t need to start saving right away (unless you want to!) but plan, and be better organized for Christmas 2017. If you’ve found yourself in a bit of a mess financially, learn from this and know how to do it better next year. Maybe you could start saving and buying for Christmas earlier in the year to better spread the cost. Many people see the beginning of autumn as far too soon to be thinking about Christmas, but when you have a limited budget, it’s a good time to start. If you start buying small items and non-perishable food items in around September, by December you should have a good amount ready to go, and it will take the strain off.

Silver and Gold Coins

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