Monday, 26 December 2022 02:08

Tips to avoid getting into debt at Christmas

Written by Evelyn Alas

1-Develop a budget

Ahead of the celebration, it is advisable to be austere. The main advice at the time of buying is to quote and compare at least three alternatives.

All this on the basis of a planning that considers the gifts to be purchased and the dinner to be prepared. This should allow budgeting expenses and not go to the supermarket or retail to improvise.

2-Play the secret friend

This practice that is done with co-workers, friends or family, can help reduce the costs of Christmas. In large families or large groups of friends, it is better to play the secret friend game since only one gift is bought and it is possible to achieve savings, even if small.

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3-Pay in the shortest time possible

The ideal is to pay in cash, with the money from your salary, Christmas bonus or savings that you have saved in order to spend it at Christmas. However, if you need to get into debt, the best alternative is to use your credit card and buy in interest-free installments. It is important to consider paying in as few installments as possible, so that they do not clash with other relevant dates.

4- Do not ask for credit or advances

A consumer credit is not recommended for Christmas expenses, because most likely, depending on the amounts requested and the agreed installments, you will not be able to finish paying before next Christmas.

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It is recommended that consumer credit be used for durable goods or services such as buying a car, fixing the house, refinancing debts. Consumer credit is not for holiday expenses.


Translated by: A.M