The festive season is on the way and unfortunately this can often lead to a number of calls to insolvency practitioners from individuals in the New Year as the bills roll in.
So how do we avoid this, here are some thoughts;
- First of all set yourself a budget for the purchase of presents and keep to it.
- Start saving now either by buying presents now or by putting money to one side.
- Shop early as it is often the case that prices of some items actually go up during December.
- Next think about the other costs of Christmas, food and drink etc. Again plan ahead and buy non- perishable items in the run up to Christmas not in the last week.
- Clearly it is always good to find a bargain, but first check it really is as good as it seems. Do your research and most importantly do you actually need the item?
- If funds are really tight should you consider discussing not buying presents for some people? Let them know well in advance. You may find relief on both sides. Are you buying presents because you always have or because you want too?
- If you do overspend and use the ‘flexible friend’ don’t stick you head in the sand. The problem won’t go away and the bill will arrive. Again make a plan in terms of repaying the debt as soon as possible. Remember that often expenditure will go down in February and March as items such as council tax and waters rates have often finished early.
- If all else fails take advice early.
Hopefully these tips will help avoid the post-Christmas blues!!