It is the time of year when many people get into serious debt problems in the weeks before Christmas. Peer pressure at schools often leads to children asking for expensive presents to be like others in their class. This can lead to disappointment on Christmas Day if they do not receive the items and regrettablty, more often financial problems if they do.
With the current economic climate, it is really important for a good festive budget to be prepared, not just something hastily done on the back of an envelope. It is recommended you create a note of all your seasonal expenditure, including the usual
household bills such as heating and lighting and also an increased food budget. Be realistic as to what you can afford to spend and really keep to it. Spending now on plastic is only sensible if you know you have the means to settle this when the bill
arrives in January. Why not be different and only use cash to buy. That way you can’t overspend.
If it is too late this year, it is suggested that creating a regular savings pot from the start of the New Year will greatly assist for Christmas 2010.