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In the run up to Christmas most of us spend an extra £1,000 a month – on top of an average of £2,000 existing monthly outgoings. During November and December we all get a bit trigger happy when it comes to spending and a lot of this ends up on credit cards. That’s why January can feel like a rather bleak month. The lights, food, fun, friends and family time have all been replaced by big bills and not much time to pay them off. In 2018 research established that it would take most Brits until April to pay off Christmas debt! This year, with financial instability as a result of Brexit and various rising costs, that time period could be even longer.
Overspending is something that most of us do as Christmas approaches. It feels normal to go a little over the top to make sure that everyone has the food and gifts that will make it a special time. However, all those purchases can seem fairly unnecessary in the cold light of January. As the new year starts, the pressure of other outgoings, from rent and food to travel expenses, will make repaying Christmas debt very difficult. As a result, almost half of us identify January as the most difficult financial month of the year.
Next Christmas might be the very last topic you want to think about right now. However, planning ahead for it could help you to avoid a situation where you’re stuck with a big bill to deal with in January 2020. So, what can you do to pay for Christmas differently?
If you are struggling to pay off Christmas this year, you’re not the only one. However, there are steps that you can take to give yourself more chance of a financially freer in January 2020.
Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read about Amanda Gillam
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