How not to go into the red over Christmas
Video: Simon Read offers some advice on ensuring you enjoy Christmas without the financial hangover
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.One in three of us will pay for Christmas on credit: in the South East, 35% will use credit cards, store cards and overdrafts to ensure the children get gifts and the turkey is on the table.
Why do so many of us struggle? Well, the average cost of Christmas per person is expected to be £508 this year.
So that means many of those enjoying the festivities will wake up in the New Year with a financial hangover.
The simplest way to avoid getting into a New Year financial mess is not to spend more than you can afford.
To do that you need to budget carefully: make a list of all the people you’re buying presents for and how much money you have available. Then allocate a set amount to each person.
If you are determined to borrow to pay for Christmas then don’t be tempted by expensive payday loans or store cards.
Use an overdraft if you need to – but tell your bank first and agree a limit.
Or you could get a credit card that charges 0 per cent on purchases. Right now you can get 20 months interest free with the Halifax.
The best thing to do is Budget and stick to it, and start saving now for next Christmas.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments