We are fast approaching that time of the year again, where many people fall into the “overspending” trap. Yes, Christmas is just around the corner and the debt trap is also waiting. Many people overspend on presents, parties and food and find themselves in a difficult financial position in the New Year. Christmas may be a time for giving and receiving, but not to excess. Tropical Cyclone Winston affected everyone this year, so now is the perfect time to start some sensible planning during this festive season.
This article will give you some tips on how to overcome the debt trap and create a path towards financial stability starting today.
Christmas Planning
Plan a Christmas Budget and Stick to It. The most important factor is to decide on a figure you can realistically afford, taking into account any money you have put aside, and any surplus income that you can afford in the run up to Christmas. Break the total amount down into budgets for gifts, food, trip to the village, holiday and other expenses.