So it’s now DECEMBER (argh where did the year go?) and that crazy time of year where we all run around madly spending up on Christmas gifts, going out, holidays ~ meanwhile maxing out the credit card(s)!
December sees credit card usage peak, which is great if you’re a bank (!) but if you aren’t, then what comes with high credit card use is a big bad bank statement sometime in the new year which we call The New Year Spending Hangover. Not a great way to start the year!
If you’d rather not start the year on the back-foot financially, you could put some of these tips into action and curb your December spending.
Tips to reduce your Christmas spending
- Budget budget budget – don’t let your spending spiral out of control by setting a budget for everything – for all individual gifts, for entertainment – food and drinks, holidays, even school holiday activities such as trips to the movies etc
- Make a list (check it twice :)) – make a list before you go out shopping and stick to it (and the budget!)
- Get creative make gifts – time to put those creative skills to good use and make some gifts, homemade biscuits and treats are great for the children’s teachers, work colleagues, neighbours etc.
- Shop around – if you already know what you would like to buy then do your homework and shop around, not only for Christmas presents but food and entertainment as well, even the Christmas ham!
If you think you will struggle to pay off your December spending when the New Year Spending Hangover kicks in, give us a call to discuss your financial situation and how we can help you meet your goals.