Undoubtedly for many, January not only brings the New Year, but the realisation that yet again we have overspent and will be paying for it for the rest of the year.
"So how do I budget for Christmas without falling into debt?"
- Write down on a piece of paper, how much you have coming in each week, and how much goes out. Don’t forget, Rent, Gas, Electricity, Food, etc and existing credit payments.
The money you have left over is what you have to budget with for Christmas.
- Try setting a limit on how much you are going to spend on each person.
- Don’t be tempted, unless necessary to buy toys from catalogues, they usually work out more expensive.
- Look out for “interest free” deals if you decide to use credit and check the time limit on repayment. You may find that you cannot repay it in time and the interest is too high.
- When using credit, check that the monthly instalments are within your budget, and the total charge, before signing on the dotted line.
- Shop around, you may find it cheaper elsewhere.
- Maybe try saving a little bit each week with your local Credit Union, that will help you for next year.
If you have more money going out, than you have coming in, either before or after Christmas, Remember some debts like rent or mortgage, council tax, gas and electricity are more important than others because of the consequences if you don’t pay.
SEEK ADVICE. Citizens Advice South Lakeland can help you to prepare a budget and offer suggestions on how best to manage the situation. Our advice is Free, Independent, Impartial and Confidential.
» More Money Advice & how to get in touch 
» Take our Christmas Spending Quiz
» After Christmas - Debt hangover