It’s not unusual to be feeling more and more cash-strapped as the cold weather rolls in. Winter months are generally tougher as they bring added expenses. Many pray for a miracle or a bit of divine intervention just to get by each month.
15 December 2015
The holidays are here and as we get wrapped up in the excitement of the festivities it becomes easy to overspend, leaving you high and dry in January. Here are 5 debt help tips to help you stay financially festive.
Create a monthly budget and track your spending
A budget is a great tool to help you manage your money. It gives you a clear idea of what you can afford and helps you to prevent spending money you don’t have. Setting up a budget can be easy but the trick to making it work is sticking to it and keeping it regularly updated. For tips on how to create your budget click here.
Don’t use debt. Avoid using your credit card or taking out loans to pay for holidays, eating out and entertainment. Find activities that are free or that you can do at home instead of having to break the bank to keep the family entertained. You can also shop around for specials or use vouchers to get discounts on activities.
Use your BONUS to settle debt
If starting a new year off with less financial stress is important to you, you should use your bonus wisely. Paying off accounts with small balances or high interest will free up extra money in your monthly budget. If you use that extra money to pay towards your remaining debt, you will be able to fast track your overall debt repayments. Paying your accounts off faster means you save money on interest.
Review your insurance policies
The festive season sees an increase in the number of break-ins, robberies and crime in general. It is important that you make sure that you have the right type and amount of risk cover, so that in the event of an incident, you don’t end up paying to replace necessary items.
Delay ‘back to school’ shopping until the January Sales come about
Before you know it, the holidays will have come and gone and it’s time to send the kids back to school. Budgets are usually tight in January and kitting kids out for school is expensive. If you plan wisely, you can beat the back to school blues! Use these debt help tips and put money aside when your December salary is paid to you and wait until the January sales hit the stores before you buy the bulk of the items.