Habits & Hampers: Tackling Your Christmas Debt
You’re not the only one that has found Christmas shopping to be an ordeal, as well as it being a stressful process, the amount of debt you are left with after the Christmas period is something that’s, in no way, fun! But when it comes to tackling this Christmas debt, we can go down typical avenues and think about scrimping and saving. But are there more practical ways, or even ways that you haven’t thought about, to make sure that you get yourself debt free you, so you can enjoy next Christmas, rather than worry about the money aspect?
Debt Consolidation Isn’t A Bad Thing
When you play your cards right, consolidating your debt into a one-off payment every month is a far better idea than paying off various credit cards. When you spend so much money on your credit cards that the minimum repayment fees alone are crippling your finances, you need to consider making a balance transfer to a 0% card. The best credit card for balance transfer for you is dependent on various factors, but the thing to remember is that your credit score can be negatively affected. So there are ways and means to check if you will likely get the suitable credit card, but make sure you do your research first.
What Else Can I Do?
Debt consolidation is a very proactive approach to paying off debt, but this is only one piece of the puzzle. In addition to this, you really need to get into a debt-tackling mindset, and instead of just paying off the bare minimum every month, this will certainly help towards paying off your debt, but it won’t get you out of debt quickly. So what you need to start thinking about is your everyday spending habits. We don’t like to put a microscope on to our own spending habits because it makes us realize how much we spend on pointless things. For example, if you bankrupted yourself to get all of the most wonderful foods for Christmas, no doubt you are a big fan of good quality food. And this is no bad thing, of course, but if food is a big part of your life, and you like to go for the good quality foodstuffs, are you paying through the nose every time? If so, it’s time to start getting savvy about what shops sell your favorite food items for cheap. In addition to this, home cooked food is always nicer, so batch cook enough, so you have leftovers for lunch the next day it’s always the sensible idea.
Creating That Mindset To Save
It’s not just about finding the cheapest items; it’s about making your attitudes to saving money an everyday part of your life. This can take some time, especially if you are used to the finer things in life, but it’s all about taking a scalpel to your everyday outgoings. Something like one coffee every single morning on the way to work or as a treat can easily add up. So it’s worth thinking about this. Get into that mindset of saving money is a very difficult habit, to begin with, but remember, have its take at least three weeks to settle into your brain! You can do it!