While it is perfectly understandable for people to be excited about Christmas and the festive period, people shouldn’t be willing to fall into debt just to enjoy Christmas. There is a great deal to be said for spending time with your loved ones and connecting with the real meaning of the festive period. While money will inevitably be a big period of the festive season, it doesn’t have to be the defining factor, so make sure you take the time to connect with the important aspects at this time of year.
You definitely want to take the time to plan ahead for Christmas. There is a lot of talk about lists for Santa and the naughty or nice list that Santa compiles of all the girls and boys around the world. However, you want to compile your own list for the festive period, and some of the things that you want to include on it are:
- How much money you have to spend in the run up to and during the festive period
- The amount of people you need to buy presents for and how much you need to spend
- The food you need to buy in for the festive period
- Any social night-outs you have to look forward to over Christmas
- Work’s night outs
- Any clothes or socialising costs associated with these festive nights out
- Travel or accommodation costs associated with festive nights out
As you can see, there are many costs associated with Christmas and it isn’t just about buying presents for people. This can be a very expensive time of year so it makes sense to focus on what you need to do, and if you are prepared for Christmas, you will find that it is much easier to tackle or plan for.
Credit cards are not a good solution for Christmas
You also need to consider whether you can afford to use a credit card when it comes to making the most of the festive period. A lot of people feel that the freedom and flexibility provided by plastic is ideal for the Christmas season. This may help you and your loved ones to enjoy this time of year but in January, when the weather is bad and the credit card bills start to land on your doormat (or your email inbox if you have opted for a paperless service), you will start to think that using a credit card was a very bad option.
You need to think ahead and if you don’t have the funds to pay for Christmas in January, credit cards are not going to be a good option for you. If this means cutting back slightly, it is by far the best option when it comes to giving your loved ones the festive period they have been dreaming of.
Take control of debt prior to the festive period
There are ways in which you can take control of your finances and make sure that you are well placed to make the most of Christmas. If you want to consolidate your debts ahead of Christmas, you’ll find that guarantor loans could be exactly what you are looking for. This is a way to take control of your finances and pay everything off, leaving you to focus on a single payment each month. Of course, this payment is likely to be a significant one, so it isn’t going to allow you to have access to a lot of money, but it may provide you with more flexibility.
The key to debt consolidation is finding a lower rate of APR than you are already paying and this is why a guarantor loan can be the ideal option for your needs. If someone is willing to act as a guarantor for you, you’ll receive a loan APR based on their credit score as opposed to yours.
This is definitely something that will assist you in taking control of your finances. This doesn’t have to be done in association with Christmas but as this is a time when a lot of people look at their finances, it makes sense to be smart and move ahead with a plan that will improve your financial outlook.
There is a lot to be said for looking forward to the festive period but equally, you shouldn’t feel as though you have to go into debt to make the most of the season.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.