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With the festive season among us, generous gift-giving and indulging can begin! But with that, comes overspending and overindulging which can lead to a substantial financial setback and debt on the New Year if not monitored.
Christmas should be carefree while kicking back with family and friends, not suffering from financial stress or pressure. But how do you avoid the dreaded financial hangover during Christmas? Here are our top tips to help you through the silly season!

Set a realistic budget
This seems like a no-brainer but having a budget in place makes it easier to predict upcoming expenses such as bills, food, rent, etc. Make a note of all forthcoming non-Christmas-related items, allowing you to allocate what’s leftover to all Christmas-related spending and expenses.

Pay with cash
Try to pay for your expenses with your own money, whether it be cash or a debit card linked to your savings. This way, you won’t fall into a debt trap which will help to avoid the financial hangover in the New Year.

Reduce spending in other areas (temporary or long-term)
Now is the time to check your magazine, streaming and other ongoing membership to ensure they’re still relevant to you. Consider what you could put on hold temporarily to help you through the Christmas season.

Buy now, not later
Avoid any ‘buy now, pay later’ payment options as there is always an eventual financial cost. These services make it easy to accumulate debt, which is the first step to a terrible financial hangover in the New Year.

Spread out your spending
Avoid leaving your Christmas shopping until the last minute. Instead, stagger your spending in the weeks or months leading up to Christmas to minimise the financial strain.

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