The festive period is fast approaching, and Christmas can put immense pressure on people to overspend, particularly for those already grappling with debt. Rising energy bills, persistently high housing costs and the ongoing cost of living crisis have all strained household finances this year, leaving less disposable income available for the festive season. To help avoid getting into debt over the holidays, Citizens Advice North Nottinghamshire has put together some top tips:
- Write a spending budget and stick to it. Examine what you can realistically afford to spend over the festive period. This is a really helpful way to identify how much money you have and to prevent festive overspending.
- Make a list in advance of doing your Christmas shopping. This should prevent you from buying extras you may not need and might not be able to afford.
- Consider any other seasonal expenses you may have. It’s easy to forget the additional food shopping that often comes with the festive period. It’s also worth bearing in mind that household bills may be higher during this time due to colder weather and spending more time indoors.
- Always keep receipts, or ask for gift receipts. This will help you keep track of your spending and allow you to easily return an item if you need to.
- Keep an eye out for deals, particularly on items you know you want to buy, but don’t get drawn into buying things you don’t need – it’s only a bargain if you were going to buy it in the first place.
- Think carefully before borrowing money. Try not to get drawn into short-term high-cost credit or ‘buy now, pay later’ options if they’re not affordable. If it’s going to take months to repay Christmas, it’s worth pausing to consider whether you want to struggle financially in the new year as a result of festive gift-giving.
If you do find yourself struggling financially during or after the holiday season, the specialist debt team can provide help and support.
You can email them at advice@canns.org.uk, call them on 0300 531 2800, or contact them via the referral portal at http://www.canns.org.uk/referral-portal.
And remember, as the Grinch once said, “Maybe Christmas, he thought, doesn’t come from a store. Maybe Christmas, perhaps, means a little bit more.” Merry Christmas from everyone at Citizens Advice North Nottinghamshire.