The mince pie and sherry hangovers might be a distant memory now, however it seems that the festive financial hangovers are set to last until Easter.
We all know that Christmas is the time of year that many of us in the UK splurge on gifts and festive merriment. Because of this, the financial hangover is definitely lasting much longer than our next door neighbours sloe gin.
New research by Peachy.co.uk has identified that for many individuals excessive Christmas spending is now thought to cause debt woes to continue through to the spring. In a survey of 2002 people’s attitudes towards Christmas shopping, it emerged that 15% of Brits will struggle to pay household bills in February, 7% will still struggle in March and 5% in April.
Katre Kaarenperk from Peachy.co.uk offers her top tips on how to banish Christmas debt woes and ensure financial stability for the remainder of the year:
“Firstly, do not ignore impending bills, be honest with yourself about your finances. Create a list or spreadsheet document, note down when the final balance is due and for what company, prioritising to pay off the loans with the highest interest first. By consolidating debt under one single card it is simpler to manage and you can often find better credit rates. The key to being debt free is to create a budget plan and stick to it, only spend money on non-negotiable expenses such as food shopping and mortgages and resist temptation to splurge on luxuries. Wait until your debts are cleared and your savings are replenished before starting to make disposable purchases again.”
Roll on Easter!