Plan for a financially Happy New Year
Struggling to cover your monthly repayments? Wonder how you'll ever get to enjoy the season of goodwill? With a few tricks up your sleeve and a bit of background knowledge we can help make sure you have a fantastic Christmas and New Year without starting 2008 in more debt.
It is an inevitable fact nowadays that some people find themselves in debt after each Christmas, with many still paying off that debt come the following Christmas. If you've not managed to save up for this years festive spending spree, there are ways to have a fabulous Christmas without breaking the bank.
Reduce Your Christmas Spending By Shopping Online
On average we each pay £400 to £1000 every year on presents for family and friends. You can still buy gifts for everybody without going broke, make a list and stick to it. Websites such as GiftChooser.co.uk have lots of great ideas for Christmas presents and they have a great selection under £10. Even comparison shopping sites like Kelkoo.co.uk can help you find the cheapest place to buy a certain gift online.
Shopping online can actually save you money too, not only are you less likely to impulse buy, but there are special sites which offer discount vouchers for some of your favourite high street shops. Sites such as vouchercodes.com provide you with a code which you input at the web checkout so you can save up to 20% off certain stores such as Figleaves, Debenhams and Miss Selfridge.
Remember a gift doesn't have to be expensive to be appreciated. Costly gifts aren't always the best gifts.
Reduce Your Food Bills
We spend far too much on food at Christmas much of which gets wasted and ends up in the bin. Make a list of what you need without going overboard and don't impulse buy all those tempting special offers you see at the local supermarket, as it's unlikely you'll get through it all. However you may find those special deals are too good to miss out on, in which case go halves with a neighbour or friend so you end up paying less but without the waste.
Reduce Your Bills In The New Year
Gas and Electricity bills are always on the increase, and bills can get expensive during the winter as we crank up the heating and have all our Christmas Tree lights turned on. Now is the time to sort out your accounts.
Paying monthly by Direct Debit not only spreads the cost over the year, but you usually get a lovely discount for being 'paperless' and paying direct from your bank account. Other options include choosing a cheaper tariff or a fixed-rate tariff so you know exactly how much you will be paying each month. Choosing a Dual Fuel deal can save you money too. Try comparing costs of switching at uSwitch.com.
Reduce Your Credit Card Bills
Reducing your spending on credit cards is the obvious way of cutting down on monthly repayments and escalating interest costs. Another way is by changing your credit card company. Opt for a card that has a 0% interest rate on purchases - you can get these for up to 15 months in some cases - Watch out for transfer fees though which usually work out at about 3%.
Enjoy Christmas, have a very Happy New Year but remember not to overspend - you will only end up regretting it next year.
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