Debt from spending at Christmas

Christmas Debt

Avoiding Christmas Debt is something we would all like to do. Christmas can be an expensive time of year and it comes round so quickly that you might still be paying off last years Christmas Debt.

In this post I take a look at Christmas debt and provide some suggestions on how it could be avoided.

Avoiding Christmas Debt

Late last year I decided that I would make a budget and stick to it. Actually I would like to come in under budget, and any savings I make will be used to pay towards my debt.

I have listed the names of all my family members, with an amount available to spend on each one. This amount is only small but at the end of the day, it is the thought that counts.

Next I made a list of what I will be buying for each family member, along with an alternate gift should my primary gift not be available.

Luckily I don’t have any credit cards because I am in debt. Even if I did I wouldn’t be using them as that’s how I ended up in the situation I am in now. Instead, I am going to withdraw the cash and when it is gone, it’s gone.

So they key thing to avoiding Christmas debt is to make a budget and stick to it, no matter what.

Saving up for Christmas to avoid getting into debt

Whilst it might be a bit late for you now, saving for Christmas is also a good idea. I have been putting away a little here and there into my Christmas fund each month.

I am also nearly at the target I set. This Christmas fund will be my buffer so that the expense of Christmas doesn’t interfere with my normal monthly budgeting – not that I have much room for manoeuvre anyway.

Recycle old gift bags or make your own gifts

I have been saving any gift bags I have received at Christmas and Birthdays. I will be reusing them this year to put my gifts in. That will save a few quid, and it is also better for the environment as well.

If you are creative you could make your own gifts. I am not creative so that won’t happen with me. Another idea is instead of a gift, you write a nice letter or poem or something along those lines. I am not sure how that would go down with my family though. It might be a bit weird.

You could even make your own Christmas cards. I tried this once with a Birthday card and the end product was a mess. I have learned one thing, I am no artist. You might be though so it could be worth considering.

Go out with a List

I will be taking out a list, a bit like I do when I go shopping. That way I can tick off each item and know what I want to buy before I go out.

It also means you shouldn’t end up making impulse purchases. So long as you stick to and don’t deviate from the list that is.

As I mention above stick to a budget and make plans for next Christmas to avoid the dreaded Christmas debt next year.

Please feel free to comment and make your own suggestions on avoiding Christmas debt.

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