Financing Christmas: The 7 Steps

The global credit crunch has affected many not only in the UK, but around the world. The interest rates are rising, the food prices have increased, and there is a slow wage growth affecting it all. For many Christmas is going to be very tight, and that is why Myfinances.co.uk has decided to create 7 days of Christmas to help you get through the Christmas struggle.

For the first day of Christmas you will want to come up with a budget for your family Christmas gift giving. The budget is designed to help you keep yourself out of debt. What you want to do is set a limit for how much you are willing to spend on Christmas gifts as well as food for the season. If you set up limits you may find that you are avoiding the credit crunch and debt. Set up menus that you will stick to and don’t tempt you into one more item.

On the second day of Christmas give yourself insurance. Your home contents are going to have more value to them during the Christmas holidays with all of those gifts, so make sure your insurance company covers you for that amount. Most often insurance companies automatically raise the bar for home contents during the season, but make sure your company will do that for you. After all you don’t want the New Year’s gadgets to be under insured.

For the third day of Christmas you may have a credit card. Here’s the thing with credit cards over the holidays. We often use them instead of sticking with the budget. This means we incur more debt, higher interest rates, and that can be a problem. If you are going to use a credit card for the seasons holidays you want to make sure the amount is within the budget and that you pay it off right away. As long as it has no balance the credit card company can’t charge interest. If you pay it off before the bill you will certainly save on charges.

On the fourth day of Christmas, you may find the internet. The internet is a great place to shop for the holidays. You can compare many of your gift ideas and make certain you stay within your budget.

On the fifth day of Christmas think about savings. It is never too late to start saving money. Rather than spend your entire budget maybe you should think about starting savings accounts for the kids and your true love.

On the sixth day of Christmas, my true love gave to me my council tax bill? Make sure that when you create your Christmas budget that you are not neglecting your council tax bill, mortgage payments, or other bills you have during the month. This can land you further in debt during the Christmas season, just to have your idea of the perfect holiday.

On the seventh day of Christmas book your travel early. Keep in mind that you don’t have to wait until Christmas season to plan your budget and book your travel. Start researching flights as early as possible.

All About Prepaid Credit Cards
4.4 Million Still Paying for Last Christmas
Higher Credit Card Fees for UK Customers
September Sees UK Credit Cards Holding
Ways to Avoid Overspending at Christmas
What Factors Come In To Play When You Apply for a Credit Card
Draft Guidelines for Recovery Agents
Opt For Debt Consolidation
Adverse Borrowers Need to Act Now
More On The Football Barclaycard
Business Credit Card Site
Janet Hard’s Story
Cash Options
Comparing Business Credit Cards
Comparison of Credit Cards
Consumers Finding Cheap Credit
Credit Card Debt In The UK
The Credit Card Market Is Strong
Financing Christmas: The 7 Steps
How to Handle a Bad Credit Rating
Trial for New Prepaid Credit Cards in South East England
UK Consumer Confidence Decreases
Understanding Bad Credit Credit Cards