Some Simple Debt Management Tips for Christmas
Remeber that Christmas is not all about the money or gifts - don't lose site of the real meaning of Christmas!
While it is exciting to watch as someone opens an expensive gift from you, the excitement dies quickly when the bill comes due. Christmas has gotten out of hand. There is no need to spend £100 on each person you buy presents. Instead of going into debt this year, try a few of these
tips.
1. Make your own presents. You do not need to be an artistic genius. Homemade gifts come from the heart and will be cherished much longer than anything you could buy. Set aside a couple of days and make sweets and cookies to give to friends.
2. Set limits on the amount everyone spends. Talk with your family and set a limit for the amount to be spent on each gift. Fifteen pounds is a reasonable amount for a gift.
3. Draw names from a hat. Instead of buying a gift for each and every person in yourfamily, have everyone draw a name from a hat and only buy for that person.
4. Impress upon your children that Christmas is not all about the presents, but about spending time with those you love.
5. When buying for your children, Santa only needs to buy one special gift for each child. A few small, inexpensive gifts can be added to the special one. Again, set your limit, and stick to it.
6. Plan ahead for next year. Start a Christmas savings account. Put £10 in the account
every week. By the time next year rolls around you will have the money you want to
spend and will not need to charge anything.
7. When using your credit cards for Christmas, only spend what you know you will
pay off in the next month. Do not get any new cards and charge them to the limit. If you
cannot pay it off in one month, it is too much.
It is hard to change everyone’s expectations, but it is time to start. Take the commercialism out of the holidays. Spend time together playing a few games, what you get out of an evening with family can never be replaced. If you instil this in your children while they are young when they are older they will keep themselves out of debt by knowing the Christmas is about giving vs. receiving. But, at the same time they will also know that they do not have to go broke in the process while trying to please others.
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