Beating the debt trap
The main repercussion of overspending during the festive season is often a bleak January.
Why not stop the debt trap habit? Following these simple ideas to curb your spending this holiday:
1. Have a budget and stick to it
Yes, this is easier said than done but if you are diligent about a compiling a budget, sticking to it should be a breeze.
2. List essentials
Remember to list your essentials first like rent, electricity, water, food, retail accounts as well as school fees and stationery.
Once this is done, you will have an idea about how much you can spend on gifts and luxury items.
3. Treat yourself to a debt-free holiday
Bonuses and cash gifts may ease the debt trap this season. Why not use the additional money to pay off credit card debt or a retail store account?
4. Make your own gifts
Instead of splurging on a costly gift set, why not sit down and think about a unique gift that you can make? You will have to invest time but DIY gifts can save you a lot of money.
Get It Dec 2016/ Jan 2017