Christmas is coming and it’s coming quick. If you are not a fan of Christmas, you can sleep easy as it will all be done and dusted in less than 4 weeks from today (today is the 30th November).
We all know that Christmas is a time to be jolly and spend quality time with our family and loved ones. BUT! It can be a very stressful and worrisome time of the year.
Contact Martin Dodd on 01902 742221 or email him at [email protected] if you would like talk about money issues.
The chances are, you will already have or are planning to spend money on family friends. Sadly, it is all too easy to spend more than you should and find in the New Year, your credit card bill is for bigger than you had bargained for. After all, no one wants to be called ‘Mr. Scrooge’.
If you have overspent in the past, you are not alone.
- Many parents overspend on their children at Christmas
- Some people even withdraw money from their pension plans – You should never, ever do this
- Even more people tap into and use their emergency reserve fund
So what can you do to stop yourself from being one of the many who get themselves into financial hot water at this time of the year? Here is my top list of “How to control your Christmas spending and not feel like Mr. Scrooge”
- Make a list of who you feel you must buy a gift for first of all
- Decide and write down how much you are prepared to spend on each person
- Only withdraw the exact amount of cash you need to buy gifts
- Leave the credit cards at home
- So you can only spend the cash that you have in hand
- So when you have spent it all, you cannot shop anymore
- Also don’t forget the cost of wrapping paper and ribbons if that how you do it
- Finally, before your start. Add up the total cost of Christmas gifts
- If it is more than you can afford, either scale back or take people off your list
That makes it all sound rather easy, but I know that it is not. But, if you have some kind of a system to keep your Christmas spend under control, then it is better than have no plan of action at all. This may be a light hearted look at spending at this time of the year, but nevertheless it is still a very serious subject that can and sometimes does have very serious consequences.
This article does not provide specific advice and you should always seek professional advice from a qualified adviser before making any decisions.
Contact Martin Dodd on 01902 742221 or email him at [email protected] if you would like talk about money issues
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