Managing Christmas

16 Dec 2009

We are all aware about how tough times are and on top of this Christmas can be an expensive time of year.

The Citizens Advice Bureau has helpfully put together its Top Ten Tips to help avoid the spending hangover.

  1. Plan Early for Christmas: Be realistic and budget accordingly. Work out how much you are going to spend on each person - and stick to it.
  2. Don't forget everyday bills: Rent, utility and food bills, and other existing debts still have to be paid - and the consequences can be severe if they're not.
  3. Don't bank on an overdraft: If you do need more money, don't just run up an overdraft without talking to your bank first - it will work out much more expensive.
  4. Keep things simple: Don't be persuaded to take out extended credit agreements unless they really do work out cheaper.
  5. Shop around: Try as many different places as possible to find the best price. Buy what you want and not what other people say you need. Be wary of extended warranties; the cost of a repair could be less than the cost of the warranty.
  6. Buy safe to be safe: Whatever the deal, whatever the temptation, don't buy from unauthorised traders and don't borrow from unauthorised lenders.
  7. Read the small print: Check for hidden extras in any credit agreement. Work out the total amount payable. Ensure that the monthly instalments are within your budget before signing.
  8. Do your own credit checks: If you are going to use a credit card, shop around and compare terms. Some cards charge high interest rates, but provide interest free periods or discounts.
  9. Be organised: If you've borrowed money don't forget that it won't be long before you have to make a payment. Make sure you pay on time, even if it is only the minimum payment.
  10. Start planning and saving for next Christmas: Once Christmas is over, look at what you did well and what you didn't. Learn from your mistakes and start planning how you will do things differently next year. You could even start saving for next Christmas!

If you do get into difficulties, get advice as soon as you can from your local CAB or visit www.adviceguide.org.uk

Newcastle Chronicle and Journal

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Promoted by Paul Foy on behalf of Dave Anderson, both of St Cuthbert's Church Hall, Shibdon Road, Blaydon, NE21 5PT