It’s easy to overspend at Christmas, triggering debt anxiety when the bills come due in January, writes Lisa Walden for housebeautiful.com.

So here are some tips to help you spend wisely during the holidays.

1. Set your festive budget

Create a realistic budget of how much you want to spend.  Include food, presents, decorations, transport, and any other holiday-related expenses.  For a big family, set a budget for each person.

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2. Shop around for last-minute deals

Do some comparison site shopping to get the best prices and the best deals.

If you can wait until after Christmas, check out the post-holiday sales.

3. Be honest with those around you

If you’re struggling to afford presents, be honest with those around you.

Work out what you can realistically afford. If you can’t buy a gift for every family member, suggest a Secret Santa where you only need to buy one gift.

4. Ban unnecessary gifts

Don’t buy unnecessary gifts.  Think about replacing a material gift with an experience like a day trip or activity.

5. Ask for expert help

Talk to experts like a debt advisor when working on your holiday finances,  especially if you’ve lost your job.

6. Sort out any debts

Use the new year to reduce your debt.  Pay off your most expensive loan first, than work down.  Try to put money aside to cover unexpected costs.

7. Start saving now for Christmas 2021

Saving ahead is a smart way to avoid holiday debt next year.

“Lots of us have experienced a change in our finances due to coronavirus and some people will be feeling anxious about bills piling up. The important thing to remember is that you’re not alone and free help is available,” says Nick Hill, a money expert at the Money and Pensions Service.

Find out more at housebeautiful.com.

Need financial planning advice? Learn more about Fred Hubler’s no conflict of interest, retainer-based financial advice model here or read more about Fred’s Phoenixville business on DELCO.Today here.

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