Worldwide is offering free advice on how to stop the credit card from taking too much of a battering this Christmas.
It has been estimated that 3.8 million people will get into debt over Christmas, while other consumers will be dipping into their savings to pay for the festive period.
29 percent of households have also reported a worsening of their finances in November according to the Markit household financial index.
In order to help people over the festive season, experts at Worldwide Financial Planning have put together six top tips to save money.
Worldwide’s managing director says: “Some people find they are still paying for Christmas months after the holiday season has ended.
With a little forward planning it is possible to save yourself from spending too much, while still making it a special time of year.
We have put together a few initial ideas to keep the cost down, and the Worldwide team is always on hand to talk about personal finances.”
Our top tips are:
1) Set a limit on spending and declare a budget. “It’s easy to get carried away when buying presents, but if you set a budget for each person you buy for, it will help costs from spiraling,” says our adviser. “It is even worth telling family members or partners how much you are willing to spend so they can do the same.”
2) Curb spending on the credit card: “Someone once said to me that credit cards are used to buy things you don’t need with money you don’t have. Whilst it’s not entirely true, it’s a good thing to think about when you whip out the demon card.
3) Use the internet: “Buy everything you need in one go to save paying out on postage and packaging repeatedly. There are plenty of websites that offer money off vouchers such as www.myvouchercodes.co.uk which are worth looking at. By sending Christmas cards online you’ll save on the cost of the cards and the postage.”
4) Homemade is best: “If you don’t want to send a card online then why not make your own – take a photograph of the family, print it out and send it off. Making things is a great way to get the children involved in the festivities and they can help with decorations such as baubles and gifts like home made jam.”
5) Share the cost: “Gather as many members of the family together as you can for dinner and each person can provide one element. For example, for Christmas Day lunch, get one person to buy the turkey, another to get the Christmas pudding, someone else can buy the crackers – a great way for everyone to take part.”
6) Buying a tree: “A fake Christmas tree can be used year after year, but get a cheap real tree by buying them from markets rather than garden centres or flower shops.”
Our advisers are here to help you so please do get in touch. To contact our Northern Ireland office, call 028 6863 2692; our Cornwall office – 01872 222422 and you can reach our Southampton office on 023 8064 9674. If you prefer to email, please contact us on info@wwfp.net.
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