Well it has been and gone now, Christmas is done for another year. Bring on the Christmas Debt Hangover!
I was wondering today about how many of us will still be paying back debt generated this Christmas by the time Christmas comes around again next year.
I have no room to talk though. I am in debt, although not because of Christmas but heck I still have debt every Christmas. I suppose a large proportion of us experience some sort of debt due to Christmas, we are all only human!
With the price of things like petrol and food on the rise whilst our wages remain at the same level as the previous year it is no wonder our finances end up strained during the festive period.
Budget for next Christmas
Now is the time to start thinking about saving something each month so you can be ready for next Christmas. Open a separate savings account if required and put away whatever you can each month. It sounds so easy doesn’t it?
In the real world, it might seem difficult to save money and I agree with you that it is. There is always something that puts a drain on your financial resource.
However it is possible to make some sort of savings each month. The best thing you can do is to look over your finances and see if anything can be reduced or cut all together.
Did you stick to your budget this year?
I confess that I didn’t stick to my budget. I was slightly over what I wanted to spend but I wanted to be under budget so I am a little disappointed with myself.
How about you? Did you come in over or under budget this Christmas? Did you even have a budget?
I did follow my list of things to buy for Christmas but I had forgotten several things which pushed me outside of my intended budget for this year. Waaa!
I suppose I wasn’t massively over budget and I am not in Debt because of my Christmas spending. I can’t get into any more debt now anyway so that helps.
Christmas Debt Pay back time
OK so you have some Christmas Debt. What are you going to do about it? Now is the time to start thinking about how you can pay it back in time for next Christmas.
It isn’t fun paying back debt but you probably already knew that. Trust me I know being in some pretty major debt but again it is possible to pay it back. It just takes a bit of financial restraint and discipline to get back on track.
It might also be worth thinking about how you can avoid getting into debt next year altogether. For example, by saving up some money or perhaps making a budget.
The Christmas Debt Realisation
What if this Christmas you have decided enough is enough and you have bigger problems than just Christmas Debt?
Well if you have suddenly had an epiphany and realised you can no longer carry on, then you should seek help as soon as possible. See the Debt Help section of this blog if you wish.
Alternatively for some advice about the various options and solutions available to you feel free to browse around the blog, you can use the debt menu on the right hand side of the screen or use the search function.
Until the next time, happy new year and thank you for reading.