Excessive credit card usage is typically highest in December – only for us to then be hit with a very scary statement in January. Not a great financial start to the new year!
Here are some simple tips to avoid a new year spending hangover. If you take action now to limit your spending, you may also protect your credit score in the process.
Start out on the right track this year with a simple festive season budget for individual gifts, food and drinks for entertaining. And maybe a summer holiday? Don’t forget to factor in the cost of extra school holiday activities to keep the kids amused (eg trips to the movies).
Next, work out where the money is coming from. If you know you won’t have enough saved in time, then change your budget now! At all costs try to avoid putting it all on your credit card at the last minute.
If you celebrate the festive season with gifts:
Some great money saving ideas:
I love this time of year! Why does it matter?
If you are keen to kick some new financial goals next year it’s difficult when you’re still paying dearly for last year’s expenses.